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Articles by CA, CPA (USA) Shikhar Garg

Scope of Order for Rectification u/s 154 of the Income Tax Act

CA, CPA (USA) Shikhar Garg 09 January 2022 at 07:59

This section is a neutral provision, neither revenue friendly unlike section 263 nor assessee friendly unlike section 264 of the Act. But it has limited application, since it is bound by the wording of "Mistake apparent from records"

Genesis of Revision order of CIT U/s 264 of IT Act 1961

CA, CPA (USA) Shikhar Garg 05 January 2022 at 08:39

Section 264 of the Income Tax Act provides, Powers to the Commissioner of Income Tax (CIT) to exercise the order in favour of the assessee.

Meaning of actual payment u/s 43B of income tax act 1961

CA, CPA (USA) Shikhar Garg 15 December 2021 at 13:59

This artice covers the meaning of Actual Payment under Section 43B of Income-tax act 1961

Section 151: Sanction for Issue of Notice - An Important Safeguard

CA, CPA (USA) Shikhar Garg 10 December 2021 at 09:44

Section 151 of the Income Tax Act 1961(Act), provides that Assessing officer (AO) has to take approval from the higher authority before issuing the notice u/s 148. AO, by the provisions of section 147 of the Act, has the power, to reopen the already completed Assessment.