Shah TC Overseas Pvt. Ltd. vs. Dy. CIT

Parties Involved

Facts Summary

The appellant company, Shah TC Overseas Pvt. Ltd., is engaged in the business of consultancy in pharmaceuticals and providing domestic and international consultancy relating to registration of API/Bulk Drugs, Intermediate Chemicals & other pharma related products. The CPC did not allow foreign tax credits of Rs.10,69,740 under Section 90/90A of the Act. The assessee is a Private Limited Company and it filed the return on 26.09.2018. The acknowledgement of the same is of 18.10.2018. The intimation under Section 143(1) of the Act shows due date of filing the original return was 31.10.2018. The Ld. CIT(Appeals) has sustained the disallowance on the basis of non-filing Form 67 before the due date.…

Legal Issues

• 1. Whether the order passed by the Id. CIT(A) as well as A.O. is bad in law and against the facts of the case.
• 2. Whether the L.d. CIT(A) and AO erred in not allowing Foreign Tax Credit u/s 90/90A of the Income Tax Act amounting to Rs. 10,69,740/-.
• 3. Whether the Ld. CIT(A) erred in sustaining the disallowance of Foreign Tax Credit on the grounds that return of income for AY 2018-19 was not filed within the due date.
• 4. Whether the Ld. CIT(A) erred in sustaining the disallowance of Foreign Tax Credit on the grounds that Form 67 was not filed within the due date.
• 5. Whether the Ld. CIT(A) erred in sustaining the disallowance of Foreign Tax Credit without providing an opportunity of personal hearing through video conferencing.
• 6. Whether the Ld. CIT(A) erred in confirming the disallowance without considering the fact that the Ld. AO (CPC) without making any query has disallowed the Foreign Tax Credit.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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