No Section 270A Penalty for Delay in Filing Form 67 if no Misreporting of Income

Advertisement DCIT Vs Muralikrishna Vaddi (ITAT Visakhapatnam) The Income Tax Appellate Tribunal (ITAT) Visakhapatnam addressed an appeal by the Revenue against the order of the CIT(A) concerning the disallowance of Foreign Tax Credit (FTC) claimed by Shri Muralikrishna Vaddi for Assessment Year 2018-19. Vaddi had claimed an FTC of Rs. 37,63,898 in his income tax return. However, the mandatory Form 67 for claiming FTC was filed belatedly, after the due date for filing the return. Consequently, the Assessing Officer (AO) disallowed the FTC under Rule 128(9) of the Income Tax Rules and added ...