Case Law Details
Naga Siva Kumar Kondri Vs ITO (ITAT Visakhapatnam)
Foreign Tax Credit allowable as assessee has filed the return of income and the statement in Form-67 within the respective due dates as extended by the Ministry of Finance, Government of India.
dmittedly, the foreign tax credit is claimed by the assessee by filing the statement in Form-67 on 31/3/2021. We find that as argued by the Ld. AR, THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 allows any statement to be filed on or before 31/3/2021. Further, the Ld. AR also demonstrated that the assessee is subjected to audit U/ s. 44AB of the Act since the assessee is engaged in the business of trading in Futures & Options and has claimed a loss during the impugned assessment year. We therefore find that as per Sl.No.4(b) of the Press Release for extension of time limits dated 30/12/2020, the period has been extended for filing the return of income upto 15/2/2021. We therefore find that the assessee has rightly filed the return of income on or before the due date for filing the return of income and also the statement in Form-67 within the extended due date of 31/3/2021. In the case Muralikrishna Vaddi (supra) relied on by the Ld. DR the facts are distinguishable inasmuch as in that case Form 67 was filed after commencement of scrutiny proceedings by the Ld. AO and after a delay of more than 2 years. However, in the present case the assessee has filed the return of income and the statement in Form-67 within the respective due dates as extended by the Ministry of Finance, Government of India. We are therefore of the considered view that the foreign tax credit of Rs. 17,55,145/ – shall be allowed to the assessee.
FULL TEXT OF THE ORDER OF ITAT VISAKHAPATNAM
This appeal filed by the assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals)-10, Hyderabad [Ld. CIT(A)] vide DIN & Order No. ITBA/ APL/ S/ 250/ 2022-23/ 1044862537(1), dated 23/ 08/ 2022 arising out of the order passed U/s. 143(1) of the Income Tax Act, 1961 [the Act] dated 24/ 12/ 2021 for the AY 2020-21.
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