ITAT Chennai allows Foreign Tax Credit Claim Despite Delay in Form 67 Submission

Prakash Varadarajulu Vs DCIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai, in the case of Prakash Varadarajulu Vs. DCIT, has ruled that the delayed filing of Form 67 does not automatically lead to the denial of foreign tax credit (FTC). The appeal was filed by the assessee against an intimation from the Centralized Processing Centre (CPC), which had denied an FTC claim of ₹49.84 lakh for the Assessment Year 2020-21. The CPC’s denial was upheld by the Commissioner of Income Tax (Appeals), or CIT(A), on the grounds that while the assessee’s return of income was filed...