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Section – 155 - Enabling claim of credit for foreign tax paid in cases of dispute

 

Existing provisions of section 155 provide for power to amend the assessment orders in case of certain specified circumstances. Sometimes the foreign tax credit is not allowed to the assessee for the reason that the payment of foreign tax was in dispute. The amendment empowers the assessing officer to rectify the assessment order if the assessee furnishes proof of settlement of disputes within 6 months from the end of the month  in which the dispute is settled. The assessee has also to submit evidence that the foreign tax liability has been discharged and an undertaking that credit of such taxes has not been claimed and will not be claimed in any other assessment year.

 

The amendment takes effect from 1st April 2018 relevant to assessment year 2018-19.


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