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24. Raj Rayon Industries Limited vs. Principal Commissioner of Income Tax PCIT, Mumbai – 3 and Ors.
[WRIT PETITION NO. 1904 OF 2025 order dated FEBRUARY 3, 2026 ]
Sec 264 – Revision – Communication treating a return as Invalid return u/s. 139(9) of the Act – is an order - revision maintainable.
The Petitioner filed its Return of Income for A.Y. 2022-2023 on 2nd November 2022, declaring a total loss of ₹45.47 Crores. After the Return of Income was filed, the Petitioner was served with the notice dated 14th December 2022 issued under section 139(9) of the Act. This notice was issued by Respondent No.2 stating that the Return filed by the Petitioner for the said Assessment Year was defective as the Petitioner had claimed gross receipts or income under the head “Profits and gains of Business of Profession” of more than ₹10 crores, and despite that, the books of accounts were not audited u/s. 44AB of the Act.
The Petitioner responded to the aforesaid notice and contended that since its turnover was less than ₹10 Crores, it was not required to have its books of accounts audited as required under Section 44AB of the Act. However, Respondent No.2, via an unreasoned order, merely held that the Return of Petitioner was invalid. Being aggriev
