ITAT Hyderabad Allows ₹1.29 Cr Foreign Tax Credit Despite Late Form 67 Submission

Baburao Atluri Vs DCIT (ITAT Hyderabad) Income Tax Appellate Tribunal (ITAT) Hyderabad adjudicated the case of Baburao Atluri vs. DCIT, addressing the denial of Foreign Tax Credit (FTC) due to a delay in filing Form 67. The assessee, engaged in exports and technical services, had declared an income of ₹4.27 crore for Assessment Years (AY) 2018-19 and 2019-20. While the Assessing Officer (AO) accepted the declared income, the FTC claim of ₹1.29 crore under Section 90/90A of the Income Tax Act was disallowed due to late submission of Form 67. The National Faceless Appeal Centre (NFAC) upheld...