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Foreign tax credit available even if ‘taxes’ spared in Oman
The Supreme Court ruled that an Indian entity can claim foreign tax credit in India for taxes 'spared' in Oman. The term 'incentive' was undefined in both Omani and Indian tax laws, leading to a clarification from the Oman authorities. The court upheld the statutory force of the clarificatory communication.
The Supreme Court ruled that an Indian entity can claim foreign tax credit in India for taxes 'spared' in Oman. The term 'incentive' was undefined in both Omani and Indian tax laws, leading to a clarification from the Oman authorities. The court upheld the statutory force of the clarificatory communication. 
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