Late Filing of Form 67 Cannot Deny Foreign Tax Credit: ITAT Bangalore

Vikram Dhondu Rao Vs DCIT (ITAT Bangalore) Delay in filing Form 67 cannot deny Foreign Tax Credit; Filing held to be Procedural, Not Mandatory : ITAT Bangalore In a significant relief to taxpayers claiming Foreign Tax Credit (FTC),  Bangalore ITAT has held that the filing of Form 67 before the due date  u/s  139(1), is a procedural requirement &  not a mandatory condition for availing FTC benefits. Tribunal directed AO to grant Assessee’s claim of FTC despite the delayed filing of Form 67. Assessee, a resident individual, earned salary income of Rs76,00,800 from PT Indoliberty Text...