Sampath Iyengar’s Law of Income Tax (In 11 vols.) - Volume 2
- Year of Publication: 2018
- Edition: 12th
- ISBN: 978-93-5139-426-6
- No.of Pages: 1796
This is 12th Edition of Commentary on the Income Tax Act, 1961 by A.C. Sampath Iyengar as revised by S. Rajaratnam (Member (Retd.), ITAT, Advocate & Tax Management Consultant). The commentary contains various judgments of the Apex Court, High Courts, Tribunals and Authority for Advance Rulings. It also contains notifications, circulars, instructions issued by the Income Tax Department. This Commentary attempts to make the law intelligible with the precedents explained with comments thereon linking with earlier precedents bringing out the rationale behind them and pointing out cases in need of review, lest it may not lead to miscarriage of justice. Every effort has been made by classifying the decisions under appropriate heads with comments, so that the precedents are properly understood or appreciated. Every attempt has been made to make it neutral between revenue and the taxpayer to make this commentary more useful and better serve the cause of justice. The precedents of the Tribunal, where there has been no decision of the High Court or where there is useful discussion on law have been highlighted. It is in the context of uncertainties of law with interpretation being constantly unsettled, all efforts are taken in updating this classic work to make it not only useful for tax compliance but for the tax authorities and the framers of law to steer the law towards reasonableness and certainty and make the task of compliance more facile giving lesser scope for debatable interpretations and unlimited discretion placing the taxpayer at the mercy of tax collectors, with no accountability on the part of not only the officers of the Income Tax Department, a feature common to the public servants of both Centre and State Governments. Simplification is an urgent necessity. This books has also highlighted the areas where there is a need for reforms.
Justice M. B. Shah (Chairman, SIT on Black Money, Former Judge, Supreme Court of India and Former Chief Justice, High Court of Bombay) in the Foreword to the book states, "I appreciate the author for exploring various provisions of Income Tax Law, from different angles. Hence, I am confident that this exhaustive book on "Law of Income Tax" would be useful to Income Tax Officers, Appellate Tribunal, Courts, assessees and the learned advocates practicing Tax Law."
This volume 2 of the Commentary covers Section 9 to Section 27 of the Income tax Act, 1961.
ABOUT THE REVISING AUTHORS
H. Padamchand Khincha is a partner in H.C. Khincha & Co and H.C. Khincha & Associates, Bangalore. With over 30 years of experience in corporate and international tax regime, he has spearheaded the income-tax consultancy and litigation practice. He advises multinational companies, Indian companies as well as high networth individuals on various tax matters including tax structuring, due diligence, transfer pricing and compliance aspects. He has represented large corporates in some of the high-profile cases before various Income-tax Tribunals across India and has been associated with several landmark decisions too.
Padamchand Khincha is a prolific writer on various topics on income-tax. He has authored the book "Emerging Issues in International Taxation". He has co-authored "Mystiques of MLI brought alive"; "Permanent Establishment - Emerging trends", "Decoding section 5", "Tax Holiday U/s. 10A and 10B - An analysis"; "Tax Treaties of India - A compilation"; "Capital gains of Non¬residents"; "Tax deduction at source"; "Concept of Indexation under capital gains". He has contributed to various articles and papers published by The Chamber of Tax Consultants, ITRAF, BCAS. He has authored and co-authored articles across various tax magazines including the Taxman, Bombay Chartered Accountants Journal, ITR, etc. He has delivered more than 500 lectures across the nation on several income-tax issues.
He has been actively engaged in several initiatives undertaken by the Institute of Chartered Accountants of India (ICAI). He was appointed the group leader for preparing the approach paper on the Guidance Note on Transfer Pricing. He was instrumental in making a critical analysis of the Direct Tax Code as a member of the team constituted by ICAI on the request of CBDT. He was a member of Committee of ICAI involved in preparing the technical background paper on Income Computation and Disclosure Standards. He deposed as an expert before (a) high powered committee on E-commerce constituted by the Central Board of Direct Taxes in India; (b) Rangachary Committee set up to "Review Taxation of Development Centres and the IT Sector"; and (c) A P Shah Committee constituted by the Government of India to examine the matters relating to MAT on FII/FPI(s). He was a country reporter for India for IFA Rio de Janeiro Congress 2017 on 'Assessing BEPS -Origin, Standards, Responses'. He is on the editorial board constituted for International Tax Journal published by the Chamber of Tax Consultants.
His teaching stints in the past include guest lectures at IIM, Bangalore; intensive coaching classes of ICAI; faculty at the Direct Taxes Training Institute of the Income Tax Department.
Padamchand Khincha is a Commerce graduate from the University of Bangalore securing 5th Rank at the University level. He holds a Bachelor's degree in Law. He qualified as a Chartered Accountant in 1982 by securing the 25th rank
K. K. Chythanya, B.Com., FCA, LL.B. has throughout been a rank holder - Eighth rank in II PUC Commerce in Karnataka; First rank in B.Com. from Mysore University; Forty- seventh rank in CA Inter and Fifteenth rank in CA Final (topping Karnataka State). He practiced as a chartered accountant for 14 years specialising in taxation matters followed by as an advocate for 17 years in various High Courts and Supreme Court. He was designated as a Senior Advocate by the Karnataka High Court in December, 2021. Chythanya is a good orator. He has lectured at IIM, ICAI and DTC of Income tax department and various other forums. He has presented papers on income tax and VAT/GST at various Metros and other cities at forums of ICAI, BCAS, CTC - Mumbai, IFA, Society of Auditors, AIFTP, BCIC, etc. He was a Member of the Study Group of ICAI for framing Guidance Note on Transfer Pricing. Chythanya has co-authored and authored several books, such as, Tax Holiday under Sections 10A & 10B; Decoding Section 5; Mystiques of MU Brought Alive, besides contributing articles in ITR, 'Chartered Accountant', BCAJ, Taxman, CTR, and other journals. He has deposed before Committee on Direct Tax Matters headed by Honible Justice A.P. Shah on the levy of MAT on FIIs. He was the country reporter for India for IFA Seoul Congress 2018 on 'withholding tax
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2018
- Edition: 12th
- ISBN: 978-93-5139-426-6
- No.of Pages: 1796
This is 12th Edition of Commentary on the Income Tax Act, 1961 by A.C. Sampath Iyengar as revised by S. Rajaratnam (Member (Retd.), ITAT, Advocate & Tax Management Consultant). The commentary contains various judgments of the Apex Court, High Courts, Tribunals and Authority for Advance Rulings. It also contains notifications, circulars, instructions issued by the Income Tax Department. This Commentary attempts to make the law intelligible with the precedents explained with comments thereon linking with earlier precedents bringing out the rationale behind them and pointing out cases in need of review, lest it may not lead to miscarriage of justice. Every effort has been made by classifying the decisions under appropriate heads with comments, so that the precedents are properly understood or appreciated. Every attempt has been made to make it neutral between revenue and the taxpayer to make this commentary more useful and better serve the cause of justice. The precedents of the Tribunal, where there has been no decision of the High Court or where there is useful discussion on law have been highlighted. It is in the context of uncertainties of law with interpretation being constantly unsettled, all efforts are taken in updating this classic work to make it not only useful for tax compliance but for the tax authorities and the framers of law to steer the law towards reasonableness and certainty and make the task of compliance more facile giving lesser scope for debatable interpretations and unlimited discretion placing the taxpayer at the mercy of tax collectors, with no accountability on the part of not only the officers of the Income Tax Department, a feature common to the public servants of both Centre and State Governments. Simplification is an urgent necessity. This books has also highlighted the areas where there is a need for reforms.
Justice M. B. Shah (Chairman, SIT on Black Money, Former Judge, Supreme Court of India and Former Chief Justice, High Court of Bombay) in the Foreword to the book states, "I appreciate the author for exploring various provisions of Income Tax Law, from different angles. Hence, I am confident that this exhaustive book on "Law of Income Tax" would be useful to Income Tax Officers, Appellate Tribunal, Courts, assessees and the learned advocates practicing Tax Law."
This volume 2 of the Commentary covers Section 9 to Section 27 of the Income tax Act, 1961.
ABOUT THE REVISING AUTHORS
H. Padamchand Khincha is a partner in H.C. Khincha & Co and H.C. Khincha & Associates, Bangalore. With over 30 years of experience in corporate and international tax regime, he has spearheaded the income-tax consultancy and litigation practice. He advises multinational companies, Indian companies as well as high networth individuals on various tax matters including tax structuring, due diligence, transfer pricing and compliance aspects. He has represented large corporates in some of the high-profile cases before various Income-tax Tribunals across India and has been associated with several landmark decisions too.
Padamchand Khincha is a prolific writer on various topics on income-tax. He has authored the book "Emerging Issues in International Taxation". He has co-authored "Mystiques of MLI brought alive"; "Permanent Establishment - Emerging trends", "Decoding section 5", "Tax Holiday U/s. 10A and 10B - An analysis"; "Tax Treaties of India - A compilation"; "Capital gains of Non¬residents"; "Tax deduction at source"; "Concept of Indexation under capital gains". He has contributed to various articles and papers published by The Chamber of Tax Consultants, ITRAF, BCAS. He has authored and co-authored articles across various tax magazines including the Taxman, Bombay Chartered Accountants Journal, ITR, etc. He has delivered more than 500 lectures across the nation on several income-tax issues.
He has been actively engaged in several initiatives undertaken by the Institute of Chartered Accountants of India (ICAI). He was appointed the group leader for preparing the approach paper on the Guidance Note on Transfer Pricing. He was instrumental in making a critical analysis of the Direct Tax Code as a member of the team constituted by ICAI on the request of CBDT. He was a member of Committee of ICAI involved in preparing the technical background paper on Income Computation and Disclosure Standards. He deposed as an expert before (a) high powered committee on E-commerce constituted by the Central Board of Direct Taxes in India; (b) Rangachary Committee set up to "Review Taxation of Development Centres and the IT Sector"; and (c) A P Shah Committee constituted by the Government of India to examine the matters relating to MAT on FII/FPI(s). He was a country reporter for India for IFA Rio de Janeiro Congress 2017 on 'Assessing BEPS -Origin, Standards, Responses'. He is on the editorial board constituted for International Tax Journal published by the Chamber of Tax Consultants.
His teaching stints in the past include guest lectures at IIM, Bangalore; intensive coaching classes of ICAI; faculty at the Direct Taxes Training Institute of the Income Tax Department.
Padamchand Khincha is a Commerce graduate from the University of Bangalore securing 5th Rank at the University level. He holds a Bachelor's degree in Law. He qualified as a Chartered Accountant in 1982 by securing the 25th rank
K. K. Chythanya, B.Com., FCA, LL.B. has throughout been a rank holder - Eighth rank in II PUC Commerce in Karnataka; First rank in B.Com. from Mysore University; Forty- seventh rank in CA Inter and Fifteenth rank in CA Final (topping Karnataka State). He practiced as a chartered accountant for 14 years specialising in taxation matters followed by as an advocate for 17 years in various High Courts and Supreme Court. He was designated as a Senior Advocate by the Karnataka High Court in December, 2021. Chythanya is a good orator. He has lectured at IIM, ICAI and DTC of Income tax department and various other forums. He has presented papers on income tax and VAT/GST at various Metros and other cities at forums of ICAI, BCAS, CTC - Mumbai, IFA, Society of Auditors, AIFTP, BCIC, etc. He was a Member of the Study Group of ICAI for framing Guidance Note on Transfer Pricing. Chythanya has co-authored and authored several books, such as, Tax Holiday under Sections 10A & 10B; Decoding Section 5; Mystiques of MU Brought Alive, besides contributing articles in ITR, 'Chartered Accountant', BCAJ, Taxman, CTR, and other journals. He has deposed before Committee on Direct Tax Matters headed by Honible Justice A.P. Shah on the levy of MAT on FIIs. He was the country reporter for India for IFA Seoul Congress 2018 on 'withholding tax
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
