ITAT Hyderabad Allows Foreign Tax Credit as Form 67 Filed Before AY End

Vishal Negi Vs DCIT (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, has ruled in favor of the assessee, Vishal Negi, allowing a Foreign Tax Credit (FTC) claim of Rs.49.65 lakh for the Assessment Year (A.Y.) 2022-23. The dispute arose after the Assessing Officer (AO) and subsequently the Commissioner of Income Tax (Appeals) [CIT(A)] denied the credit, citing the assessee’s failure to file Form 67 by the due date for filing the income tax return under Section 139(1) of the Income Tax Act, 1961.

The assessee, an individual, had filed his return

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