Foreign tax credit allowed gross receipts basis

By | January 18, 2017
(Last Updated On: January 18, 2017)

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

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