Law of Income Tax - Volume 1

.........................................................................................................................
Description
A statute is an edict of legislature. To decipher its construct and content; unearth the legislative intent and unravel the legal import is the function of interpretation. Interpretation is a vexed topic. Recourse to different aids to interpreting the statute therefore becomes invariable. Tax commentaries have been accepted and referred as an aid [if not an aid, atleast a source] of interpretation. A commentary gives the interpretation, analysis, insight, opinion, explication, reaction and evaluation of the statute. It is therefore aptly acknowledged as an external (nay eternal) aid of interpretation to various stake holders (viz Revenue authorities, judiciary, taxpayer). Sri A.C. Sampath Iyengar penned his commentary on the 'Law of Income-tax' in the pre-independence era. The first version was published in 1941. Since then, this commentary has been a treatise which has enriched its readers for more than eight decades. The commentary, its apt content and the appropriate detailing, with a reader-friendly style of cataloguing have made it indispensable for any tax professional. To be continuously indispensable, the commentary should assimilate as well as reflect the trends and changes in the tax law. Over the years, with innumerable changes in the Income-tax statute, twelve editions have been released. With every edition, the commentary has become more comprehensive giving deeper insights into the Act. The lustre of this commentat through this journey has remained unparalleled and unmatched. The original author and the various editors thereafter have maintained the glory of this commentary.
........................................................................................................................
Contents
Chapter - 1 : Preliminary
1.    Short title, extent and commencement
2.    Definitions
    (1)       "Advance tax"
    (1A)    "Agricultural income"
    (IB)      "Amalgamation"
    (1C)     "Additional Commissioner"
    (ID)      "Additional Director"
    (2)        "Annual value"
    (3)        "Appellate Assistant Commissioner" (Omitted)
    (4)        "Appellate Tribunal"
    (5)        "Approved gratuity fund"
    (6)        "Approved superannuation fund"
    (7)        "Assessee" (7A) "Assessing Officer"
    (8)        "Assessment"
    (9)        "Assessment year" (9 A) "Assistant Commissioner"
    (9B)      "Assistant Director"
    (10)      "Average rate of income-tax"
    (11)      "Block of assets"
    (12)      "Board"
    (12A)   "Books or books of account"
    (13)      "Business"
    (13A)    "Business trust"
    (14)      "Capital asset"
    (15)      "Charitable purpose"
    (15 A)   "Chief Commissioner"
    (15B)    "Child"
    (16)       "Commissioner"
    (16A)    "Commissioner (Appeals)"
    (17)       "Company"
    (18)       "Company in which the public are substantially interested"
    (19)       "Co-operative society"
    (19A)     "Deputy Commissioner"
    (19AA)   "Demerger"
    (19AAA) "Demerged company"
    (19B)       "Deputy Commissioner (Appeals)"
    (19C)       "Deputy Director"
    (20)          "Director", "manager" and "managing agent"
    (21)          "Director General or Director"
    (22)          "Dividend"
    (22A)       "Domestic company"
    (22AA)     "Document"
    (22AAA) "Electoral Trust"
    (22B)      "Fair market value"
    (23)         "Firm", "partner" and "partnership"
    (23A)      "Foreign company"
    (23B)      "Fringe benefits"
    (23C)       "Hearing"
    (24)         "Income"
    (25)         "Income-tax Officer"
    (25A)      "India"
    (26)         "Indian company"
    (26A)      "Infrastructure capital company"
    (26B)      "Infrastructure capital fund"
    (27)        "Inspecting Assistant Commissioner" (Omitted)
    (28)        "Inspector of Income-tax"
    (28A)     "Interest"
    (28B)     "Interest on securities"
    (28BB)  "Insurer"
    (28C)     "Joint Commissioner"
    (28D)    "Joint Director"
    (29)       "Legal representative"
    (29A)    "Long-term capital asset"
    (29B)     "Long-term capital gain"
    (29BA)  "Manufacture"
    (29C)     "Maximum marginal rate"
    (29D)    "National Tax Tribunal"
    (30)       "Non-resident"
    (31)       "Person"
    (32)       "Person who has a substantial interest in the company"
    (33)      "Prescribed"
    (34)      "Previous year"
    (34A)   "Principal Chief Commissioner of Income-tax"
    (34B)   "Principal Commissioner of Income-tax"
    (34C)   "Principal Director of Income-tax"
    (34D)   "Principal Director General of Income-tax"
    (35)      "Principal officer"
    (36)      "Profession"
    (36A)   "Public sector company"
    (37)      "Public servant"
    (37A)   "Rate or rates in force" or "rates in force"
    (38)      "Recognised provident fund"
    (39)      "Registered firm" (Omitted)
    (40)      "Regular assessment"
    (41)      "Relative"
    (41 A)  "Resulting company"
    (42)      "Resident"
    (42A)   "Short-term capital asset"
    (42B)   "Short-term capital gain"
    (42C)   "Slump sale"
    (43)     "Tax"
    (43 A)  "Tax credit certificate"
    (43B)   "Tax Recovery Commissioner" {Omitted)
    (44)      "Tax Recovery Officer"
    (45)     "Total income"
    (46)     "Total world income" (Omitted)
    (47)     "Transfer"
    (48)     "Zero Coupon Bond"
 3.    "Previous year" defined
SUBJECT INDEX
.........................................................................................................................
Author Details
Sampath Iyengar
Foreword by,
Justice (Dr.) D.Y. Chandrachud, Judge, Supreme Court of India, Former Chief Justice, Allahabad High
Court Former Judge, Bombay High Former Addl. Solicitor General of India.
Revised by
H.Padamchand Khincha, Chartered Accountant
K.K. Chythanya, Senior Advocate