Quiz for the week (30 Mar 2026) :
Dev (P) Ltd filed its ITR declaring loss of Rs.21 lakhs before the due date. Its ITR was treated as defective for the reason that it has not been audited under section 44AB. The assessee explained that the turnover was below the limit and yet it was treated as defective. The assessee-company filed petition for revision under section 264 which was rejected on the reasoning that treatment of ITR as defective is not amenable for revision under section 264. Is it valid?
Share your thoughts on the above on or before 6th April 2026