Law of Income Tax - Volume 4

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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 commentary through this journey has remained unparalleled and unmatched. The original author and the various editors thereafter have maintained the glory of this commentary.
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Contents
CHAPTER IV Computation of Total Income (Contd.}
33.         Development rebate
33A.      Development allowance
33AB.    Tea Development Account, Coffee Development Account and
               Rubber Development Account
33ABA.  Site Restoration Fund
33AC.    Reserves for shipping business
33B.      Rehabilitation allowance
34.         Conditions for depreciation allowance and development rebate
34A.      Restriction on unabsorbed depreciation and unabsorbed investment
               allowance for limited period in case of certain domestic companies
35.         Expenditure on scientific research
35A.      Expenditure on acquisition of patent rights or copyrights
35AB.    Expenditure on know-how
35ABA.  Expenditure for obtaining right to use spectrum for telecommunication services
35ABB.  Expenditure for obtaining licence to operate telecommunication services
35AC.    Expenditure on eligible projects or schemes
35AD.    Deduction in respect of expenditure on specified business
[35B.     Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989]
[35C.     Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989}
[35CC.   Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989}
35CCA.  Expenditure by way of payment to associations and institutions for carrying out
                rural development programmes
35CCB.  Expenditure by way of payment to associations and institutions for carrying
               out programmes of conservation of natural resources
35CCC.  Expenditure on agricultural extension project
35CCD.  Expenditure on skill development project
35D.       Amortisation of certain preliminary expenses
35DD.    Amortisation of expenditure in case of amalgamation or demerger
35DDA.  Amortisation of expenditure incurred under voluntary retirement scheme
35E.        Deduction for expenditure on prospecting, etc., for certain minerals
36.          Other deductions
37.          General
38.          Building, etc., partly used for business, etc., or not exclusively so used
[39.         Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989]
40.         Amounts not deductible
40A.      Expenses or payments not deductible in certain circumstances
SUBJECT INDEX
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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