Foreign tax credit allowed on basis of gross receipts
The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ” The case is: Elitecore Technologies Private Ltd. Read a Report on Foreign tax credit allowed gross receipts basis [PDF 321 KB] of KPMG