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2023 (1) TMI 514 - AT - Income TaxForeign tax credit under the provisions of section 91 - assessee submitted that provisions of section 91 of the Act have referred the income and not overseas net profit, net income or proportionate income, therefore the rate of tax in the foreign country should be worked out after considering the gross receipts and the amount of TDS deducted which comes out at 7% which is lower than the rate of tax in India - HELD THAT:- Revenue has not placed any material on record to point out any distinguishing feature in the facts of the case for the year under consideration and that of earlier years A.Y. 2012-13 [2020 (3) TMI 1170 - ITAT AHMEDABAD] nor has placed any contrary binding decision in its support. Thus, respectfully following the order this tribunal in own case of assessee the we hold that the foreign tax credit to the extent not allowed under section 91 of the Act will eligible for deduction under section 37 of the Act as business expense. Thus, the ground of appeal raised by the assessee is hereby partly allowed.
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