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TMI Blog2024 (10) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... me tax return. After receipt of the intimation, the petitioner filed rectification application to rectify the same and to consider the Form No.67. Though the application was submitted once again, without considering the vital aspects, simply it was rejected, which is not proper and the same is not in accordance with law. This Court has already held in Duraiswamy Kumaraswamy's case [ 2023 (11) TMI 1000 - MADRAS HIGH COURT] that filing of Form No.67 is not mandatory or directory. Even by following the law laid down by the Hon'ble Supreme Court of India in CIT Vs. G.M.Knitting Industries (P) Ltd. [ 2015 (11) TMI 397 - SC ORDER] this Court had held that filing of Foreign Tax Credit in terms of Rule 128 is only directory in nature. Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 143 (1) of the Act, has not provided any credit to the amount of foreign tax paid by the petitioner, which was furnished under Form No.67. Hence the present Writ Petition. 4. The learned Senior Standing Counsel appearing for the respondents strongly opposed the submissions made by the learned counsel for the petitioner and would submit that in terms of Section 139 of the Act, Form No.67 should be filed on or before the due date of filing the return of income tax. He would further submit that since Rule 128 of the Income Tax Rules, 1962 is mandatory, the 1st respondent has rightly rejected the Foreign Tax Credit filed subsequent to the return. However, he would submit that if this Court thinks it fit to quash the impugned order, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directory. Even by following the law laid down by the Hon'ble Supreme Court of India in CIT Vs. G.M.Knitting Industries (P) Ltd., this Court had held that filing of Foreign Tax Credit in terms of Rule 128 is only directory in nature. 8. In view of the above, the impugned order is liable to be set aside and accordingly, the impugned order dated 02.01.2024 is set aside. While setting aside the impugned order, this Court remits the matter back to the 1st respondent to make reassessment by taking into consideration of the Foreign Tax Credit filed by the petitioner under Form No.67. The 1st respondent is directed to give due credit to the petitioner's foreign income and pass the final assessment order. Further, it is made clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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