Excelsoft Technologies Ltd. vs. The Deputy Commissioner of Income Tax
Case No: ITA No.2191/Bang/2024
Court: Income Tax Appellate Tribunal, 'C' Bench, Bangalore
Date: 1/13/2025
Parties Involved
appellantExcelsoft Technologies Ltd.
respondentThe Deputy Commissioner of Income Tax, Circle 1(1), Mysore
Facts Summary
The assessee, Excelsoft Technologies Ltd., is a private limited company engaged in providing innovative technology-based solutions in the education and e-learning space. It filed its return of income on 13.02.2021 declaring a loss of Rs.12,12,46,777 as per normal computation and book profit was disclosed under section 115JB at Rs.278,63,938. This return was processed, and an intimation was issued under section 143(1) on 6.8.2021. The assessee was denied the benefit of claiming foreign tax credit…
Decision in favour of
Assessee
Legal Issues
- 1. Denial of Foreign Tax Credit due to late filing of Form 67.
- 2. Eligibility to carry forward business losses.
Precedents Relied Upon
11 precedents cited in this judgement.