Late Filing of ROI: ITAT Directs Reconsideration of FTC Rejection

Shridhar Madhav Diwan Vs DCIT (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT), Hyderabad recently addressed the case of Shridhar Madhav Diwan Vs DCIT. The primary issue in contention was the denial of foreign tax credit (FTC) to the assessee due to the late filing of the return of income (ROI) and the subsequent Form No. 67. The tribunal directed the case for re-adjudication, despite clear guidelines in Rule 128(9) of the Income Tax Rules. According to Rule 128(9), to claim FTC, a taxpayer must file the statement of foreign tax deduction in Form No. 67 on or before the due date for f...