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THE compendious and complex nature of our law relating to direct taxes makes the task of professional practitioners, who have not only to understand it but have also to develop the ability to apply it in given situations, extremely onerous and difficult. They have to acquire a familiarity with, and awareness of, the nature and scope of the main provisions of the direct taxes. At the same time, they also require an up-to-date knowledge of how a statutory provision has been interpreted by different courts of law on different occasions. As such, they need a book on direct taxes which not only is comprehensive and up-to-date on both the law and its judicial interpretations but which also explains the difficult subject lucidly and through appropriate illustrations so as to render the study of direct taxes simple and easy. The present edition of the book has several unparalleled features which make it distinct from other available text books. These are : The present edition is thoroughly revised with a view to making it more reader-friendly. The treatment of the subject is lucid, to-the-point and the matter is painstakingly arranged in paras and sub-paras with distinct numbers to save time and energy. Besides, debatable issues have been deliberated to their logical conclusion. Theoretical discussion is suitably supplemented by illustrations (over 600 in number and covering an exhaustive range of issues) providing solutions to the knotty problems with reference to the latest case law. Hints are given wherever tax planning can be resorted to. Latest circulars, notifications, amendments and the case laws are included in the discussion. All recent citations of court rulings, circulars and notifications have been highlighted. In a nutshell, law is lucidly enumerated and its practical application is adequately explained. Our grateful thanks are due to Shri Rakesh Bhargava for his guidance and suggestions and for extending various facilities during the preparation of the manuscript of this book. Readers’ views, comments and criticism relating to the present work are most welcome.
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