19 August 2009
in my own case the ito has passed an assessment order for the claims shown u/s 80p2a(i), where the rural co op credit society earns a profit of Rs 13 Lacs and filed, claimed exemption u/s 802a(i) as the society got registration and licence from the co op dept.and its business is restricted to its members only .how far it is tenable? what is remedy either go for an appeal against the A.O or submit an application for rectification u/s 154 of the it act?
21 September 2009
If you are sure that the ITO has done a mistake apparent from records apply for rectification u/s 154 first by mentioning the reasons thereof .
If the ITO is reluctant in rectifying the mistake then you must go in appeal with the CIT (Appeals)
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