Filing of belated return u/s. 139(4) satisfies 1st proviso to section 201(1): ITAT Raipur

Meera Roadlines Vs ITO (ITAT Raipur) ITAT Raipur held that belated return of income filed by payee u/s. 139(4) satisfies the 1st proviso to section 201(1) of the Income Tax Act hence assessee cannot be treated as ‘assessee in default’. Facts- The assessee firm had filed its return of income on 11.2019, declaring an income of Rs.87,490/-. The DCIT, CPC while processing the return of income took cognizance of the qualification by the Meera Road Lines Vs. ITO-2(1), Bhilai ITA No. 310/RPR/2024 chartered accountant of the assessee firm in his tax audit report, and disallowed u/s. 40(a)(ia) of t...