Assessee Entitled to Foreign Tax Credit Despite Delay in Filing Form 67: ITAT Chandigarh

Bachaspatimayum Umakanta Sharma Vs Dy. CIT (ITAT Chandigarh) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Chandigarh held that the assessee, Bachaspatimayum Umakanta Sharma, cannot be denied the Foreign Tax Credit (FTC) merely due to a delay in submitting Form 67. This decision came in response to an appeal filed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated December 8, 2022, for the assessment year 2020-21. Background of the Case The appellant, Bachaspatimayum Umakanta Sharma, filed his income tax return for...