Procedural delay in filing form 67 cannot override objectives of DTAA: ITAT directs to grant FTC

Procedural delays in filing Form 67 were ruled not to override the objectives of the Double Taxation Avoidance Agreement (DTAA), as per the Income Tax Appellate Tribunal (ITAT). The case involved a taxpayer who missed the deadline for filing Form 67, which is essential for claiming foreign tax credits under the DTAA. The ITAT held that while delays in filing cannot be condoned, the overriding purpose of the DTAA, which is to avoid double taxation, should not be defeated. As such, the tribunal directed that the foreign tax credits be granted, despite the procedural delay, aligning with the broader objectives of the DTAA.