Income tax knowledge..

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Nitin Garg (Querist)
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25 January 2014 sir I want to get knwledge of income tax act.. acc to me I m at zero level now so which book should I follow... I m ca final student... I want to get practical knowledge also...

gbalakrishnan

gbalakrishnan (Expert)
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25 January 2014 shd you desire legal aspects, you have to take advantage of Taxman publications besides other aspects taxman provides.

for instance Revenue issues Notice u/s 143(2) r/w 142(2) on any ROI of any AY (Assessment year), Revenue can give Notice only if ROI for relevant AY is issued within six months of the financial year when the ROI is filed. Else Notice is invalid under 143(2)(ii).

when assessment notice is infructuous or invalid inspection aspect u/s 142 is invalid

Like that you have to closely read the income tax Act 1961. As it contains many provided clauses but is not properly read by Revenue Assessment officers.

So you have to take care of Assesses who are invariably lay men to tax laws, as you will be the tax consultant to assesses.

For many obvious reasons the Revenue issues Notices on Assessees.

you can observe in price water cooper v CIT , it was observed by S c that genuine mistakes of Assesses cannot be taken advantage, that way Revenue appeal before S C was set aside.

Like that you have to very prudently study the legal aspects.

yes it is wiser for tax consultants to have good tax lawyers to even moving Form 35 or 36 when apppeals tax place!

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