Pakala Shailendra Prasad Vs ITO (ITAT Hyderabad)
The appeal before the Income Tax Appellate Tribunal (ITAT), Hyderabad, arose from the order of the Commissioner of Income Tax (Appeals), NFAC, for AY 2021-22. The Tribunal first considered a delay of 57 days in filing the appeal. The assessee explained that the appeal in Form No. 36 had been filed online on 15 February 2023, within the prescribed time, while the physical acknowledgment and enclosures were submitted to the ITAT on 12 April 2023. After considering the explanation and affidavit, the Tribunal condoned the delay and admitted the appeal for adjudication.
The dispute in the appeal related solely to the denial of Foreign Tax Credit (FTC) on the ground that Form No. 67 had been filed after the due date prescribed under Section 139(1) of the Income-tax Act.
The assessee, an individual, filed the return of income for AY 2021-22 declaring income from four sources: salary of ₹9,36,309, capital gains from trading of shares of ₹6,79,307, interest and dividend income of ₹5,01,939, and foreign income of ₹1,45,11,957. The assessee had filed a US income tax return, paid taxes in the United States, disclosed the foreign income in the Indian return, claimed Foreign Tax Credit for the taxes paid in the US, and filed Form No. 67 on 24 February 2022.
