Form 67 Filed in Time Under Amended R. 128(9): ITAT Allows ₹49.65 Lakh FTC

The Income Tax Appellate Tribunal (ITAT) has allowed a lakh Foreign Tax Credit (FTC) after finding that the form was filed in time under the amended provisions. This ruling provides significant relief to taxpayers claiming credit for taxes paid in foreign countries. FTC helps avoid double taxation. The ITAT's decision emphasizes that compliance with the amended rules for filing the necessary form (e.g., Form 67) is crucial. This ensures that legitimate foreign tax credits are granted, promoting international trade and investment by preventing taxpayers from being taxed twice on the same income.