9911796707
TMI Blog2022 (2) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... e Central Processing Centre ("CPC") have erred in not granting the Foreign Tax credit ("FTC") to the extent of Rs. 15,87,973/- as claimed in the revised return of income per the provision of the Income Tax Act, 1961 and India - US Double Taxation Avoidance Agreement ("DTAA"). 2. The learned CIT(A) has erred in law and on facts in not granting FTC claimed as per the revised return, on the erroneous understanding that the Appellant had not furnished the Form 67 as per rule 128 of the Income Tax Rule before furnishing the return u/s. 139(1) of the Act. 3. On facts and circumstances of the case, the learned CIT(A) has failed to appreciate the fact that Form 67 was duly filed online by the Appellant on 7 August 2018 before filing the origina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment was completed at revised return of income at Rs. 9,04,62,460/- on 18.03.2021. However, the Ld. AO did not allow the relief claimed u/s. 90 of the Act in respect of credit of tax already paid by the assessee which was disclosed in the assessee's revised return. Aggrieved by the order of Ld. AO, the assessee filed appeal before the Ld. CIT(A). The Ld. CIT(A) observed and held as under: "From examination of submission & evidences furnished by the appellant during appellate proceedings, provisions of section 90(2) of the Act and Article 25 of DTAA with US, it is evident that the appellant is entitled for taxes paid/deducted in US against the income declared in Indian Income Tax, if the appellant follow the procedures for getting fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tc with the original return of income, he is not entitled for foreign tax credit. Thus, this ground of appeal of the appellant is dismissed." Aggrieved by the order of the Ld. CIT(A), assessee filed appeal before this Tribunal. 3. At the outset, the Ld. AR submitted that there is a delay of 31 days in filing the present appeal. He submitted that extension of limitation period due to COVID-19 second wave was withdrawn by Hon'ble Supreme Court vide order dated 23.09.2021, with effect from 03.10.2021. The Ld. AR submitted that limitation period starts from 03.10.2021 in filing the present appeal. 3.1. The Ld. DR could not controvert the above submissions. 3.2. We have perused the submissions advanced by both sides. Hon'ble Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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