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ITAT allows foreign tax credit to ‘TCS’ even in respect of income on which it has not paid tax in India

November 6, 2019[2019] 111 42 (Mumbai - Trib.)

INTERNATIONAL TAXATION : Where respective tax treaty provides for benefit for foreign tax paid even in respect of income on which assessee has not paid tax in India, still, it would be eligible for tax credit under section 90. Like Article 25 of the Indo–USA treaty, treaties with various other countries such as Indo–Denmark, Indo–Hungary, Indo–Norway, Indo–Oman, Indo–US, Indo–Saudi Arabia, Indo–Taiwan also have similar provision providing for benefit of foreign tax credit even in respect of income not subjected to tax in India. However, Indo–Canada and Indo–Finland treaties do not provide for such benefit unless income is subjected to tax in both countries. Therefore, the foreign tax credit would be available to assessee an Indian company having several overseas branches across globe in all cases except foreign tax paid in Finland and Canada
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