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............................................................................................................................. Description Sampath lyengar's Law of Income Tax has maintained its reputation as a commentary, exhaustive and encyclopaedic in its sweep and as a veritable warehouse of all the available information on the subject, besides carrying critical and in-depth comments. It has been found indispensable for understanding the tax implications of any business decision serving as an invaluable guide and a library by itself for auditors, consultants and practitioners for effective advocacy in presentation of their case at all levels, dealing not only with mere statute and precedents, but also with concepts necessary for better understanding of law. It contains critical comments, besides what is necessary and useful for practice, highlighting procedures and airing departmental views with all the circulars on the subject including reference to useful precedents from the Tribunal and in allied laws like sales-tax and central excise. Previous editions have been updated by eminent authors and the present one is no exception. This book provides not only the necessary access to all the relevant information, but also the expertise and the experience of the authors, present and past. Conflicting views are highlighted. Precedents are not merely listed, but their rationale analysed. Every decision, which is followed, over-ruled or approved is also indicated. Experience has shown that there can be many different angles arising out of different perceptions, so that any person with a problem can meet the challenge of opposing views, only if he is armed with all the materials on the subject. This book is precisely meant to suit this purpose. Mere parading of precedents or a dogmatic assertion of one's views serve no purpose, unless their rationale is identified and applied for resolving an issue. This book has always been different in not being content with mere listing of cases, but by providing enough materials to tackle any problem that may arise. The earlier editions have had the privilege of patronage from the profession of chartered accountants, tax practitioners, consultants, advisors, advocates, company executives, tax administrators and judiciary. .No effort is spared in the present edition to maintain the reputation, which this book has gained in the field of income-tax law for the past sixty years and more. ............................................................................................................................. Contents Volume I Chapter 1 - Preliminary Chapter 2 - Basis of Charge Chapter 3 - Incomes which do not form part of Total Income Volume II Chapter 4 - Computation of Total Income (a) Salaries (b) Omitted by the Finance Act, 1988, w.e.f. 1-4-1989 (c) Income from House Property (d) Profits & Gains of business or profession Volume III (e) Capital gains (f) Income from other sources Chapter 5 - Income of other persons, included in assessee’s Total Income Chapter 6 - Aggregation of Income & set off or carry forward of loss Volume IV Chapter 6A - Deductions to be made in computing Total Income (a) General (b) Deductions in respect of certain payments (c) Deductions in respect of certain incomes (d) Other deductions Chapter 6B - Restrictions in certain Deductions in the case of Companies Chapter 7 - Incomes forming part of Total Income on which no Income-tax is payable Chapter 8 - Rebates Reliefs Chapter 9 - Double Taxation relief Chapter 10 - Special Provisions relating to avoidance of tax Chapter 11 - Additional Income-Tax on Undistributed Profits Chapter 12 - Determination of Tax in certain special cases Chapter 12A - Special provisions relating to certain incomes of non-residents Chapter 12B - Special provisions relating to certain companies Chapter 12C - Special provisions relating to Retail Trade, etc. Chapter 12D - Special provisions relating to tax on Distributed Profits of Domestic Companies Chapter 12E - Special provisions relating to tax on Distributed Income Chapter 12F - Special provisions relating to tax on Income received from Venture Capital Companies and Venture Capital Funds Chapter 12G - Special provisions relating to Income of Shipping Companies (a) Meaning of certain expressions (b) Computation of tonnage income form business of operating qualifying ships (c) Procedure for option of tonnage tax scheme (d) Conditions for applicability of tonnage tax scheme (e) Amalgamation and demerger of shipping companies (f) Miscellaneous Chapter 12H - Income Tax on Fringe Benefits (a) Meaning of certain expressions (b) Basis of Charge (c) Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof Volume V Chapter 13 - Income-Tax Authorities (a) Appointment and control (b) Jurisdiction (c) Powers Chapter 14 - Procedure for Assessment Chapter 14A - Special provision for avoiding repetitive appeals Chapter 14B - Special Procedure for Assessment of Search cases Chapter 15 - Liability in Special Cases (a) Legal representatives (b) Representative assessees - General provisions (c) Representative assessees - Special cases (d) Representative Assessees - Miscellaneous provisions (dd) Firms, association of persons and body of individuals (e) Executors (f) Succession to business or profession (g) Partition (h) Profits of non-residents from occasional shipping business (i) Recovery of tax in respect of non-residents (ja) Association of persons or body of individuals or artificial judicial person formed for a particular event or purpose (j) Persons leaving India (k) Persons trying to alienate their assets (l) Discontinuance of business, or dissolution (m) Private companies (n) Special provisions for certain kinds of income Chapter 16 - Special provisions applicable to firms (a) assessment of firms (b) Omitted by Finance Act, 1992, w.e.f. 1-4-1993 (c) Changes in constitution, succession and dissolution Volume VI Chapter 17 - Collection and Recovery of Tax (a) General (b) Deduction at source (bb) Collection at source (c) Advance payment of tax (d) Collection and Recovery (e) Tax payable under provisional assessment (f) Interest chargeable in certain cases Chapter 18 - Relief Respecting tax on dividends in certain cases Chapter 19 - Refunds Chapter 19A - Settlement of cases Chapter 19B - Advance Rulings Volume VII Chapter 20 - Appeals and Revision (a) Appeals to the Deputy Commissioner (Appeals) and Commissioner (Appeals) (b) Appeals to the Appellate Tribunal (c) Reference to High Court (Omitted) (cc) Appeals to High Court (d) Appeals to the Supreme Court (e) Revision by the Commissioner (f) General Chapter 20A - Acquisition of Immovable Properties in certain cases of transfer to Counteract Evasion of Tax Chapter 20B - Requirement as to mode of Acceptance, Payment or Repayment in certain cases to Counteract Evasion of Tax Chapter 20C - Purchase of Central Government of Immovable Properties in certain cases of Transfer Chapter 21 - Penalties Imposable Chapter 22 - Offences and Prosecutions Chapter 22A - Annuity Deposits Chapter 22B - Tax Credit Certificates Chapter 23 - Miscellaneous Schedules Volume VIII Chapter 1 - Preliminary Chapter 2 - Basis of Charge Chapter 3 - Income which do not Form Part of Total Income Chapter 4 - Computation of Total Income Chapter 5 - Income of other Persons, included in Assessee's total income Chapter 6 - Aggregation of Income and set off or carry forward of loss Chapter 6A - Deduction to be made in computing total income Chapter 7 - Incomes forming part of total income on which no income tax is payable Chapter 8 - Rebates and Relief Chapter 9 - Double Taxation Relief Chapter 10 - Special Provisions relating to avoidance of tax Chapter 11 - Additional income- tax on undistributed profits Chapter- Determination of tax in certain special cases Chapter 12A- Special provisions relating to certain incomes of non-residents Chapter 12B- Special provision relating to certain companies Chapter 12D - Special provisions relating to tax on distributed profits to domestic companies Chapter 12E - Special provisions relating to tax on distributed income Chapter 12G - Special provisions relating to income of shipping companies Chapter 12H - Income tax on fringe benefits Chapter 13 - Income tax authorities Chapter 14 - Procedure for assessment Chapter 14B - Special Procedure for Assessment of Search cases Chapter 15 - Liability in Special Cases Chapter 16 - Special provisions applicable to firms Chapter 17 - Collection and recover of tax Chapter 19 - Refunds Chapter 19 A - Settlement of Cases Chapter 19 B - Advance Rulings Chapter 20 - Appeals and Revision Chapter 20B - Requirement as to mode of acceptance, payment or repayment in certain cases to counteract evasion of tax Chapter 20C - Purchase by Central Government of immovable properties in certain cases of transfer Chapter 21 - Penalties impassable Chapter 22 - Offences and Prosecutions Chapter 23 - Miscellaneous ............................................................................................................................. Author Details Author - Sampath Iyengar Revising Author - S. Rajaratnam S. Rajaratnam , M.A., LL.M, F.I.C.W. A, after a brief spell as a lecturer in economics, joined Indian Revenue Service and retired as Accountant Member, Income-tax Appellate Tribunal in 1985. During his service, he was deputed to Sri Lanka as Tax Expert in 1960-1962 and to the Government of Tamil Nadu as Member, Sales-tax and Agricultural Income-tax Appellate Tribunals in 1971-1975. He is presently engaged in chamber practice in tax laws. He writes a weekly column "Tax Forum" for the Hindu, Chennai; a monthly column "Reader's Forum" for Corporate Law Cases, Nagpur; a bimonthly column "Landmark Cases" for Income-tax Reports, Chennai; a fortnightly column "Tax Quiz" for Consolidated Commercial Digest, Chennai, besides a monthly column "Tax Titbits" for Management Accountant, Calcutta. He has authored several books, some of which are "Landmark Cases in Direct Tax Laws", "Commentary on Double Tax Avoidance Agreement", "Tax Management" and "Tax Planning". His books on topical subjects like Voluntary Disclosure Scheme, Kar Vivad Samadhan Scheme, Concession for Foreign Exchange Earners, Deduction for Industries In Backward Districts, besides a book on Search and Seizure, running into 4th Edition, have all been published by Bharat Law House Pvt. Ltd., Delhi, publishers of this book. .............................................................................................................................
