Failure to Deposit Advance Tax u/s 249(4)(b) of Income Tax Act due to Loss: ITAT remands Matter back to CIT(A) [Read Order]

The Tribunal sent the case back to the CIT(A) for re-evaluation while directing the appellant to file an application explaining the reasons for non-payment of advance tax with supporting documents.
By Varda Marakkar - On August 8, 2024 11:50 am - 2 mins read
Income Tax - Income Tax Act - ITAT - Income Tax Appellate Authority - Income Tax Officer - TAXSCAN

Recently, the Income Tax Appellate Authority ( ITAT ) of Hyderabad remanded a case back to the Commissioner of Income Tax (Appeals) [ CIT (A) ] in a matter concerning non-payment of advance tax under Section 249(4)(b) of the Income Tax Act, 1961 due to financial loss. The appellant/assessee, SPR Infrastructure India Limited, an entity…

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