No Defective Notice by CPC if Receipts Below Limit u/s 44AB

V.K. Patel Securities Pvt Ltd Vs ADIT (ITAT Mumbai) Introduction: The Income Tax Appellate Tribunal (ITAT) Mumbai has delivered a significant judgment regarding the issuance of a defective notice by the Central Processing Centre (CPC) for business receipts less than the threshold limit prescribed under section 44AB of the Income Tax Act. The case of V.K. Patel Securities Pvt Ltd Vs ADIT (ITAT Mumbai) centers on the legitimacy of the defect notice and explores whether the assessee, a stockbroker, should have its accounts audited. Analysis: 1. Background of the Case: The CPC issued a defect noti...