Foreign Tax Credit Can't Be Denied In Spite Of Accepting Computation: Madras High Court
4 months, 3 weeks ago

Foreign Tax Credit Can't Be Denied In Spite Of Accepting Computation: Madras High Court

Live Law  

The Madras High Court has held that the claim of foreign tax credit cannot be denied in spite of accepting the computation.The bench of Justice Senthilkumar Ramamoorthy, on examining the company tax return and the activity statements, appears prima facie that the petitioner has remitted taxes through the Australian branch. The Madras High Court has held that the claim of foreign tax credit cannot be denied in spite of accepting the computation. In order to make the Foreign Tax Credit claim, the petitioner had uploaded Form 67, the business activity statements filed with the Australian Tax Office, and the company tax return filed in Australia. The court held that the rectification order dated May 27, 2024, is set aside and the matter is remanded for reconsideration in so far as the Foreign Tax Credit claim is concerned.

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History of this topic

Deliberately Concealing The Income, Assessee Can Be Prosecuted : Madras High Court
2 years, 5 months ago

Deliberately Concealing The Income, Assessee Can Be Prosecuted : Madras High Court

Live Law  

The Madras High Court has ruled that an assessee can be prosecuted for willfully and deliberately concealing his income by not filing his income tax return within the stipulated time, even after the return belatedly submitted by the assessee is accepted by the revenue authorities on the basis of which an assessment order is passed. The Court noted that only …

No Wilful Evasion Of Tax - Madras High Court Quashes Prosecution Under Section 276C (2) Of Income Tax Act
2 years, 8 months ago

No Wilful Evasion Of Tax - Madras High Court Quashes Prosecution Under Section 276C (2) Of Income Tax Act

Live Law  

The Madras High Court has ruled that prosecution under Section 276C of the Income Tax Act for wilfully attempting to evade payment of tax cannot be initiated against an assessee who merely defaults to pay tax on time under the Act. The Counsel submitted that mere delay in payment of tax without an intention to evade tax would not constitute …

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