The law under sections 2(24)(xii) r.w.s. 56(2)(vii) of the Income-tax Act, 1961 relating to taxation of gifts has several nuances and complications. The author has conducted a detailed study of the subject and explained all the implications of the law with utmost clarity

The law relating to Hindu Undivided Families (HUFs) is a complicated branch of law, requiring specialist knowledge. The authors have mastered the subject, identified all the core issues, and explained them in a succinct manner

The Entire Law On The Making Of Wills Explained K. H. Kaji  & Manish K. Kaji, Advocates Though the law on the making of Wills is important, there is considerable confusion in the minds of even educated persons and some …

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The legal implications of a family settlement, from the perspective of general law, the Transfer of Property Act, the Registration Act, the Income-tax Act, etc has been explained in a succinct manner. All the important case laws on the issue have been cited

The author, an eminent Senior Advocate, argues with conviction that the law on taxation of gifts in s. 56(2) of the Income-tax Act, 1961 is a big irritant that actually compels honest taxpayers to pay in cash to avoid its draconian consequences. He points out that even genuine transactions fall foul of this ill-drafted provision

Section 14A And Rule 8D enjoy the dubious distinction of being amongst the most contentious provisions in the Income-tax Act, 1961. There is a bewildering deluge of judgements from various Courts and Tribunals. The authors have done the admirable task of cataloging all the important judgements under their respective propositions in an easy-to-retrieve format

The action of the Maharashtra VAT department of branding several dealers as “Hawala dealers” has led the Income-tax department to treat purchases worth several hundreds of crores as “bogus” and assess the same as undisclosed income u/s 68. The author has carefully examined the legal provisions, put the entire issue in its proper perspective and offered practical suggestions on how assessees can safeguard their interests

The author, an eminent Senior Advocate and tax expert, candidly concedes that the non-transparent Collegium system has its defects because while a few persons of sterling character and ability have been left out from consideration, a few persons of dubious character have been appointed Judges. However, he argues that these defects can be rectified and there is no justification for compromising with the independence of the judiciary

A recent verdict of the Authority of Advance Rulings (AAR) has created a controversy over the role of a Protocol in interpreting Tax Treaties, in the context of the “Most Favoured Nation” (MFN) clause. The author has conducted a careful analysis of the judgement, explained its implications and provided valauable guidance on the way forward

Section 14A and Rule 8D, which disallow expenditure incurred in respect of tax-free income, have been a major bone of contention between the taxpayers and the income-tax department. There are a number of conflicting judgements on the issue. The author has carefully analyzed all the recent important judgements on the issue, identified their core ratio, and provided valuable guidance on the present state of the law