Tax Publishers

Income Tax Department is not duty bound to accept a return filed by the assessee, though in most cases the return is accepted as such. However, many a returns are selected for scrutiny assessment based on certain criteria as set out by the Department from time to time. Income-tax scrutiny assessment begins with the issuance of notice to assessee under section 143(2). Section 143(3) empowers the assessing officer to enquire into the claims made or regarding the figures shown by the assessee in its return of income in order to verify the correctness thereof. The enquiry so emanating begins with the requirements of section 143(3) and thereafter goes on to almost any or several of the provisions of the Act, in particular the computation provisions. Once a return is selected for scrutiny, the assessee has to keep the evidence for substantiating all his claims made in the return ready and handy. He is further required to identify and collect various other supports, particulary the favourable case law, circulars, etc. and keep them at hand for presenting them to the authorities that be, as and when required.

Charitable organizations play vital role in removing disparity and  inequalities among people at large. Such organizations carry out various activities aimed at removing poverty as well as towards well being of general public in a variety of ways. More and more of educational and medical institutions are being created in order to promote educational and medical facilities in India. Looking at the generous role of the charitable organizations as also of such educational and medical institutions, the Government contributes by providing various tax incentives to them. As far as Income Tax Act is concerned, several exemptions and deductions are provided thereunder to charitable trusts and institutions. Sections 11 to 13 are specifically meant for charitable trusts and institutions. For availing of exemption under section 11, however, the trust or institution has to fulfil certain conditions regarding application and accumulation of income. Educational and medical institutions being of tremendous importance for public interest, stringent conditions regarding accumulation and application of income as inherent in section 11 do not, to a large extent, appear to be fair and justified. The Act therefore provides blanket exemption to such institutions via insertion of certain sub-clauses in the section 10(23C). Accordingly, sub-clauses (iiiab), (iiiad) and (vi) of clause (23C) of section 10 provide for exemption to educational institutions while the sub-clauses (iiiac), (iiiae) and (via) provide for exemption to hospitals and other philanthropic institutions.

The need for and importance of tax planning such as is legally legitimate, cannot be over-emphasized. Various books have appeared from time to time with a view to cashing on in the name of the very attractive and much desired title of Tax Planning, so much so that the readers get confused about the very justifiability of most of the available Tax Planning titles. The matter of fact however is that, while there is a large number of publications in the name of Tax Planning, the readers will find that the present is the only one currently available, which may be said to be adhering fully, purposefully and objectively to its title name. Going back to some twenty two years back, there used to be no serious attempt at creating any tax planning book, till the first edition of Novel Ideas on Tax Planning appeared in the market and became the hottest selling title on income-tax, historically speaking. The same ran into as many as Eleven Editions. With my coauthor of the same, Shri M.R. Verma having aged (now over 87 years), I have, along with my long time supporting authors, attempted to come out with schematically a new product titled “Tax Planning in Current Perspective”. This had become necessary as the very perspective has undergone so much altered that it needed a fresh effort on our part right from the word go. The present book therefore is quite a departure from the earlier one in content though not in the spirit of it. Twenty two years is a long time in the life of any one and more so in that of a title dealing with as frequently a changing law as direct taxes and, therefore, require practically beginning ab initio.

We are presenting herewith Direct Taxes Annual Digest and Yearly Referencer 2014. Part A of this book comprises 4897 digests of all Direct Taxes Case Law reported in ITCL, ITR, ITD, Taxman, TTJ, Taxation, CTR and SOT, alongwith a CD of Full Reports of all the cases digested. These digests have been primarily arranged Actwise, Sectionwise and further alphabetically arranged under each section, which makes the task of consultation substantially convenient. This is our Twenty Fifth year of bringing annual case law digest. Not only digests, even the full reports of related case law are being made available on an accompanying CD, thereby making the present combination of book + CD a complete annual case law facility in true sense. The digests are brief yet comprehensive enough so that even on being read at a fast speed, there would not be any loss of details and all the points which matter can be gathered therefrom effortlessly. The accompanying free CD comprises Full Reports of all the cases digested. The full report of the sought for case law can conveniently be arrived at by click of the Serial Number of the Digest of the related case law in this Hard Bound book.