Foreign Tax Credit cannot be denied

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied Foreign Tax Credit (FTC) merely because Form No. 67 was filed after the due date prescribed under Section 139(1) of the Income-tax Act. 

The Tribunal reiterated that filing Form No. 67 is a procedural requirement and not a mandatory condition extinguishing a substantive treaty-based right. 

Observing that neither Section 90 nor Rule 128 expressly provides for denial of FTC on account of delayed filing of the prescribed form, the Tribunal directed the Assessing Officer to examine the claim on merits and grant FTC in accordance with law.