Bharat’s Law of Income Tax (Volume 5) By Sampath Iyengar – 13th Edition 2024.

Bharat’s Law of Income Tax (Volume 5) By Sampath Iyengar – 13th Edition 2024.

About Law of Income Tax (Volume 5) By Sampath Iyengar

Sampath Iyengar’s Law of Income Tax has maintained its reputation as a commentary, exhaustive and encyclopedic in its sweep, and as a veritable warehouse of all the available information on the subject, besides carrying critical and in-depth comments. It is the most authentic referencer, which has stood the test of time during the last eight decades and has retained its pristine glory. This set 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. This book has always been different in not being content with mere listing of cases, but by providing enough material to tackle any problem that may arise. No wonder it is being referred and cited as an authority at all levels of judicial interpretation – Income-tax Department, ITAT, High Courts, Supreme Court and even Authority for Advance Rulings.

While India celebrates its 75 years of Independence, Sampath Iyengar has helped the professionals, tax administrators and the judiciary for the last over 80 years in finding solutions to their tax issues. 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 eight decades and more.

This locus classics has enjoyed the privilege of patronage from the profession of chartered accountants, tax practitioners, consultants, advisors, advocates, corporate executives, tax administrators and the judiciary.

Volume 5

41. Profits chargeable to tax
42. Special provision for deductions in the case of business for prospecting, etc., for mineral oil
43. Definitions of certain terms relevant to income from profits and gains of business or profession
43A. Special provisions consequential to changes in rate of exchange of currency
43AA. Taxation of foreign exchange fluctuation
43B. Certain deductions to be only on actual payment
43C. Special provision for computation of cost of acquisition of certain assets
43CA. Special provision for full value of consideration for transfer of assets other than capital assets in certain cases
43CB. Computation of income from construction and service contracts
43D. Special provision in case of income of public financial institutions, public companies, etc.
44. Insurance business
44A. Special provision for deduction in the case of trade, professional or similar association
44AA. Maintenance of accounts by certain persons carrying on profession or business
44AB. Audit of accounts of certain persons carrying on business or profession
[44AC. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993] 44AD. Special provision for computing profits and gains of business on presumptive basis
44ADA. Special provision for computing profits and gains of profession on presumptive basis
44AE. Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
44AF. Special provisions for computing profits and gains of retail business
44B. Special provision for computing profits and gains of shipping business in the case of non-residents
44BB. Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
44BBA. Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
44BBB. Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects
44C. Deduction of head office expenditure in the case of non-residents
44D. Special provisions for computing income by way of royalties, etc., in the case of foreign companies
44DA. Special provision for computing income by way of royalties, etc., in case of non-residents
44DB. Special provision for computing deductions in the case of business reorganisation of co-operative banks
E.—Capital gains
45. Capital gains
46. Capital gains on distribution of assets by companies in liquidation
46A. Capital gains on purchase by company of its own shares or other specified securities
47. Transactions not regarded as transfer
47A. Withdrawal of exemption in certain cases
48. Mode of computation
49. Cost with reference to certain modes of acquisition
50. Special provision for computation of capital gains in case of depreciable assets
50A. Special provision for cost of acquisition in case of depreciable asset
50B. Special provision for computation of capital gains in case of slump sale
50C. Special provision for full value of consideration in certain cases
50CA. Special provision for full value of consideration for transfer of share other than quoted share
50D. Fair market value deemed to be full value of consideration in certain cases
51. Advance money received
[52. Omitted by the Finance Act, 1987, w.e.f. 1-4-1988] [53. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993] 54. Profit on sale of property used for residence
[54A. Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972] 54B. Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
[54C. Omitted by the Finance Act, 1976, w.e.f. 1-4-1976] 54D. Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases
54E. Capital gain on transfer of capital assets not to be charged in certain cases
54EA. Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities
54EB. Capital gain on transfer of long-term capital assets not to be charged in certain cases
54EC. Capital gain not to be charged on investment in certain bonds
54ED. Capital gain on transfer of certain listed securities or unit, not to be charged in certain cases
54EE. Capital gain not to be charged on investment in units of a specified fund
54F. Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house
54G. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
54GA. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
54GB. Capital gain on transfer of residential property not to be charged in certain cases
54H. Extension of time for acquiring new asset or depositing or investing amount of capital gain
55. Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
55A. Reference to Valuation Officer
F.—Income from other sources
56. Income from other sources
57. Deductions
58. Amounts not deductible
59. Profits chargeable to tax
CHAPTER V
INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S TOTAL INCOME
60. Transfer of income where there is no transfer of assets
61. Revocable transfer of assets
62. Transfer irrevocable for a specified period
63. “Transfer” and “revocable transfer” defined
64. Income of individual to include income of spouse, minor child, etc.
65. Liability of person in respect of income included in the income of another person
CHAPTER VI
AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS
Aggregation of income
66. Total income
[67. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993] 67A. Method of computing a member’s share in income of association of persons or body of individuals
68. Cash credits
69. Unexplained investments
69A. Unexplained money, etc.
69B. Amount of investments, etc., not fully disclosed in books of account
69C. Unexplained expenditure, etc.
69D. Amount borrowed or repaid on hundi
SUBJECT INDEX

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