TESSOLVE SEMICONDUCTOR PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1) , BANGALORE

ITA 310/BANG/2024Status: DisposedITAT Bangalore03 July 2024AY 2021-2212 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the filing of Form 67 is a mandatory requirement and must be furnished on or before the due date for filing the return of income. Non-compliance with this rule disentitles the assessee from claiming FTC.

What were the facts?

The assessee claimed Foreign Tax Credit (FTC) in a revised return, supported by Form 67 filed after the due date for the original return. The CPC denied the FTC, citing the mandatory filing of Form 67 by the due date as per Rule 128(9). The NFAC upheld this decision, dismissing the assessee's appeal.

What were the issues?

Whether the filing of Form 67 is mandatory before the due date for claiming Foreign Tax Credit, and if late filing invalidates the claim.

Which sections of the Income-tax Act were involved?

Section 90

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Income Tax Appellate Tribunal, B BENCH : BANGALORE

Before: SHRI WASEEM AHMED & SHRI SOUNDARARAJAN K

For Appellant: Shri. B. R. Sudheendra, CA
For Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Hearing: 27.05.2024Pronounced: 03.06.2024

Per Soundararajan K, Judicial Member :

This appeal by the assessee is directed against the order passed by the NFAC under section 250 of the Income Tax Act, 1961 (hereinafter called 'the Act') dated 30.12.2023, in respect of Assessment Year 2021-22. 2. Brief facts of the case are that assessee is a company engaged in the business of Semiconductor Test Engineering solutions. During the Assessment Year 2021-22, assessee filed its original return of income on 10.03.2022. Thereafter, the assessee filed revised return on 28.03.2022 and claimed the Foreign Tax Credit (FTC) earned for the income earn

The order continues below.

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