MD’s absence & holidays: ITAT Cochin Orders CIT(A) to Condone Delay

Kerala State Drugs and Pharmaceuticals Ltd Vs ACIT (ITAT Cochin) The case centers on an appeal by Kerala State Drugs and Pharmaceuticals Ltd., a Kerala government undertaking, against an order by the National Faceless Appeal Centre (NFAC). The dispute originated from an assessment year 2012-13 income tax filing. Initially, the Assessing Officer (AO) accepted the company’s declared nil income. Subsequently, the AO issued a notice under section 148 of the Income Tax Act, alleging that the company failed to disclose income under section 115JB, pertaining to Minimum Alternate Tax (MAT). This...