Commercial’s Penalties Imposable Under Income Tax Law by Ram Dutt Sharma – 4th Edition 2023.

Commercial’s Penalties Imposable Under Income Tax Law by Ram Dutt Sharma – 4th Edition 2023.

About the book

Allowance or disallowance of expenses incurred in relation to income/ business which were exempt from the levy of tax had always been a source of controversy and a subject matter of dispute. The Government, with a view to put this controversy to rest, brought section 14A into the statute.

Section 14A was enacted by Finance Act, 2001, w ref. 01.04.1962 Right from the inception of section 14A, it has been a subject matter of litigation between the taxpayers and Income Tax Department. Divergent views have been expressed by various benches of the Tribunals and High Courts. Some observations have also been made by the Supreme Court. The law on section 14A has evolved over: the last 20 years and complex issues have arisen out of its application.

While making this amendment, the Government clarified that its intention, right since the inception of the Income-tax Act, was to give a deduction only for those expenses which would yield taxable income. Accordingly, section 14A was inserted into the statute by virtue of the Finance Act, 2001 with retrospective effect from 01.04.1962.

This book is a ready referencer to understand the provisions of disallowances made under Section 14A read with Rule SD of the Income Tax Act. In this book, the concept of disallowance of expenses under section 14A of the Act, summarizing some of the recent issues dealt with in Tribunals and Courts, has been discussed.

I would like to place on record a special note of gratitude to Shri Ashok Kumar Manchanda, IRS, (1976- Batch) who has been the guiding force for and a constant source of inspiration in my life.

I also express my thanks to Commercial Law Publishers (India) Pvt. Ltd. who reposed confidence in me and published this book. They have done a good job in making this book attractive, acceptable and useful. Also a special thanks to my wife Bharti whose support and interest in this, as in all my ventures was never less than my own.

In a work of this magnitude on a volatile subject there will always be scope for further improvements and embellishments. This would be possible only with the feedback from the readers. We welcome your constructive suggestions and comments for making it more useful to the different segments of the society.

It is hoped that this book will also prove to be very useful for the taxpayers and receive widespread patronage.

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