RAMESH BABU JASTI,GANDIPET vs. ITO., WARD-12(6), HYDERABAD

ITA 760/HYD/2024Status: DisposedITAT Hyderabad07 October 2024Bench: Shri Manjunatha, G. (Accountant Member), Shri K. Narasimha Chary (Judicial Member)7 pages
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What did the Tribunal hold?

The Tribunal held that the filing of Form 67 is directory and not mandatory. Since the form was filed before the assessment order was passed, the FTC cannot be denied. The Tribunal relied on a coordinate bench's decision in a similar case.

What were the facts?

The assessee, a salaried employee, received salary from both Indian and US entities while on assignment in the USA. He offered his global income to tax in India and claimed foreign tax credit (FTC) but filed Form 67 belatedly. The Assessing Officer denied FTC due to the delayed filing of Form 67.

What were the issues?

Whether foreign tax credit can be denied solely for belated filing of Form 67, or if the provision is directory in nature.

Which sections of the Income-tax Act were involved?

Section 90

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, Hyderabad ‘ A ‘ Bench, Hyderabad

Before: Shri Manjunatha, G. & Shri K. Narasimha Chary

Hearing: 07/10/2024

Per Manjunatha, G. A.M These two appeals filed by the assessee are directed against the separate, but identical orders passed by the learned Addl/JCIT-1 Ludhiana dated 26/06/2024 and 25/06/20254 and pertains to A.Ys 2020-21 & 2021-22. Since facts are identical and issues involved in these appeals are common, for the sake of convenience, both these appeals were heard together and are being disposed off by this common order.

ITA No.760/Hyd/2024 – A.Y 2020-21

2.

The brief facts of the case are that the appellant is an individual and is a reside

The order continues below.

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