No Defective Notice Can be Issued by CPC If Business Receipt is Less than Threshold Limit Prescribed u/s 44AB of Income Tax Act: ITAT [Read Order]

By Ipsita Das - On August 14, 2023 7:30 pm - 2 mins read
No Defective Notice - Defective Notice - No Defective Notice Can be Issued by CPC - CPC - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the gross business receipts was less than the threshold limit of Rs.1.00 crore prescribed under Section 44AB of the Income Tax  Act,1961 for getting the accounts audited, thus quashed the said defect notice and the return of income filed by the assessee should be…

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