ITAT Pune Allows Foreign Tax Credit Despite Delayed Form 67 Filing

Vipul Chandrakant Sawalwade Vs ITO (ITAT Pune) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Pune has delivered a significant decision concerning the admissibility of Foreign Tax Credit (FTC) even when Form 67, a crucial document for claiming such credit, is filed belatedly. The Tribunal also addressed the applicable tax rate for dividend income received from a US-based company, emphasizing the primacy of Double Taxation Avoidance Agreements (DTAAs) over domestic tax rates. The case, Vipul Chandrakant Sawalwade Vs. ITO, involved an individual assessee for the Assessment Year 202...