ITAT Confirms FTC Allowance Under Section 90/91 for Investments Held Abroad

DCIT Vs Malvinder Mohan Singh (ITAT Delhi) Sufficient returned income & timely Form 67 can’t be ignored: ITAT upholds deletion of foreign investment addition & allows FTC u/s 90/91 Delhi ITAT dismissed Revenue’s appeal &  upheld CIT(A)’s order deleting addition of ₹3.31 crore u/s 69 on account of alleged unexplained foreign investment in shares held in names of minor daughters &  allowing foreign tax credit of ₹23.02 lakh u/s 90/91. Tribunal noted that Assessee was a high-income taxpayer with returned income of ₹26.80 crore, had duly disclosed foreign investments ...