Tax query for Demand notice U /S 143 (1)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2010 Dear Sirs,
we are a public charitable trust registered under sec 12 A and every year, we spend or apply upto 85% of our income, or accumulate, only as allowed by the Income tax act, like giving due notice to the AO under Sec.11 (2), form 10, intimation, in 2007, we gave due notice to AO , to acccumulate funds for setting up a school for physically challenged children, up to the year, 2011-2012,and have been accumulating surplus , more than the allowed 15 %, for this purpose,but to our surprise, for the year,,2008-2009, we have received a demand notice, u/s 143(1), requiring us to pay tax at maximum marginal, rete of about, Rs.3,30,000/ being the tax on shortfal of application, though we have filed our audit report, form 10b, and IT , return, within the due dates for all the years, now can we file a petition under Sec.154.of Income Tax Act, for rectification of this mistake on the part of the AO, will be grateful for your guidance, thanking you, ravi.r

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 March 2010 You have planed the correct course of action. Proceed accordingly.

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