Foreign Tax Credit Cannot Be Denied for Late Form 67 – Bang ITAT Allows Substantive Relief

Varun Vijaykumar Chhabria Vs ITO (ITAT Bangalore) Foreign Tax Credit Cannot Be Denied for Late Form 67 – Bang ITAT Allows Substantive Relief The Bangalore ITAT held that Foreign Tax Credit (FTC) cannot be denied merely due to delay in filing Form 67, and allowed credit of ₹2.91 lakh under Section 90 read with India–USA DTAA. The assessee, an individual deputed to the USA, had: Earned salary abroad, Paid taxes in the USA, and Subsequently disclosed the same in India through a revised return along with Form 67. The CPC and CIT(A) denied FTC on the ground that: Form 67 was not filed with...