Prashant Maharishi, Vice-President along with Sandeep Singh Karhail, a Judicial Member of ITAT Bangalore, recently ruled that mere delay in filing Form No. 67 under Income Tax Rule 128(9) won’t stop someone from claiming the benefit of foreign tax credit (FTC) for taxes paid abroad, specifically in the USA.
This judgement was given in a case involving Mr Shekhar from Dombivali, Kalyan, who received an income tax notice from the Income Tax Officer, Bangalore, which denied him India credit for the taxes paid in the USA.
