Delayed Form 67 No Bar to Foreign Tax Credit: ITAT Pune

Uttamkumar Tukaram Patil Vs ITO (ITAT Pune) In a notable decision impacting taxpayers with foreign income, the Income Tax Appellate Tribunal (ITAT), Pune Bench, has ruled that a delay in filing the requisite Form 67 should not be the sole basis for denying a claim for Foreign Tax Credit (FTC). The Tribunal’s ruling came in the case of Uttamkumar Tukaram Patil challenging the disallowance of FTC by the tax authorities for the assessment year 2019-20. The dispute originated when the taxpayer’s income tax return was processed under Section 143(1) of the Income Tax Act, 1961. During th...