Form 67 Deemed Directory, Not Mandatory: ITAT Rules FTC Claim Should Not Be Denied for Late Submission

The Income Tax Appellate Tribunal (ITAT) ruled that Form 67 is deemed directory, not mandatory, and that Foreign Tax Credit (FTC) claims should not be denied for late submission. The case involved a taxpayer who claimed FTC but submitted Form 67 late. The tribunal held that the late submission of Form 67 should not result in the denial of FTC, as the form is directory and not mandatory. This decision provides relief to taxpayers who face delays in submitting required forms and ensures that they can still claim eligible tax credits.