Dear Sir,
I have read your replies and deeply respect your knowledge and opinions.
Sir, in my particular case, a 12A Regd Educational Institution filed its returns ITR7 & 10B for FY 2015-16 late. The school had gross receipts of Rs. 10 lakhs and Expenditure of 12 Laks (approx) i.e. deficit of Rs. 2 Laks. However, CPC issued Order U/s 143(1) and demand notice @ 30% plus interest on entire 10 Lakhs ! Sir even if benefit of 12A is not allowed due to late filing, can CPC tax the entire gross receipts ? (consisting School Fees Interest Income and Grants from Govt) Will 100% of the expenses be disallowed ? What can be a remedy ? 154 online or CIT(A) against 143(1) of CPC ? Is our contention tenable ? Please guide and advise what grounds of appeal / course of action to adopt.
Thanking you in Advance and With due regards