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Income Tax : The Tribunal held that long-term capital losses can be carried forward even when long-term capital gains are exempt under the Indi...
Income Tax : Delhi ITAT held that Dividend Distribution Tax paid on dividends to non-resident shareholders could be restricted to the treaty ra...
Income Tax : The Tribunal ruled that delayed filing or incorrect disclosure in Form 67 does not automatically disentitle an assessee from claim...
Income Tax : The ITAT Kolkata held that delayed filing of Form No. 67 is only a procedural defect and cannot deprive an assessee of Foreign Tax...
Income Tax : The ITAT Kolkata held that delayed filing of Form No. 67 cannot deprive an assessee of Foreign Tax Credit under Section 90 and the...
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Income Tax : Notification No. 86/2010-Income Tax Whereas, an Agreement and the Protocol between the Government of Republic of India and the Gov...
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Income Tax : Notification No. 25/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961...
The Tribunal held that long-term capital losses can be carried forward even when long-term capital gains are exempt under the India–Mauritius DTAA. Exempt gains do not enter the computation of total income and therefore cannot absorb the losses.
Delhi ITAT held that Dividend Distribution Tax paid on dividends to non-resident shareholders could be restricted to the treaty rate under applicable DTAAs. The Tribunal relied on the Bombay High Court ruling that DDT is, in substance, a tax on shareholder dividend income.
The Tribunal ruled that delayed filing or incorrect disclosure in Form 67 does not automatically disentitle an assessee from claiming Foreign Tax Credit. Substantial justice must prevail over technical procedural defects.
The ITAT Kolkata held that delayed filing of Form No. 67 is only a procedural defect and cannot deprive an assessee of Foreign Tax Credit under Section 90 and the India-USA DTAA.
The ITAT Kolkata held that delayed filing of Form No. 67 cannot deprive an assessee of Foreign Tax Credit under Section 90 and the India-UK DTAA. The Tribunal treated the delay as a procedural defect.
ITAT Hyderabad held that CPC cannot make adjustments under Section 143(1)(a) without issuing prior intimation to the assessee as mandated by law. The Tribunal quashed the tax adjustment denying concessional tax benefits because the mandatory opportunity of response was not provided.
The Delhi ITAT held that belated filing of Form No. 67 is only a procedural lapse and cannot extinguish substantive Foreign Tax Credit rights under sections 90/90A/91 and applicable DTAAs. The Tribunal directed verification and grant of FTC where the form was filed before completion of assessment proceedings.
High Court held that consideration received on transfer of self-generated trademarks before 1 April 2002 was not taxable as capital gains because no ascertainable cost of acquisition existed, making computation provisions unworkable.
The Tribunal held that FTC claims cannot be rejected solely due to incomplete foreign tax return filing. The key takeaway is that authorities must verify available and subsequent evidence before denying relief.
The issue was denial of FTC due to delayed filing of Form 67. ITAT held that delay is procedural and directed authorities to grant credit after verification.
