Denying Foreign Tax Credit despite accepted computations is incorrect: Madras HC

Thejo Engineering Limited Vs Deputy Director of Income Tax (Madras High Court) In a recent decision by the Madras High Court, Thejo Engineering Limited challenged a rectification order denying the Foreign Tax Credit (FTC) under the Income Tax Act, 1961. The case highlights the complexities involved in international tax credits and the procedural nuances of their claims. This article delves into the court’s ruling, the facts of the case, and its implications for taxpayers navigating foreign tax credits. Thejo Engineering Limited, a company with international operations, had claimed a Foreign ...