Form 67 Filed within Deadline with ITR: ITAT allows Foreign Tax Credit

The Income Tax Appellate Tribunal (ITAT) ruled that filing Form 67 within the deadline while submitting an Income Tax Return (ITR) is sufficient to claim Foreign Tax Credit (FTC). The ITAT rejected the tax authorities' argument that a delay in filing Form 67 should result in the denial of the credit. The judgment clarifies that procedural delays should not penalize taxpayers who are otherwise compliant. This ruling is significant for taxpayers claiming foreign tax credits and aligns with international tax principles.