COMPLEXITY OF THE SUBJECT OF TAXATION
The poet, James Jeffrey Roche, in one of his poem ‘The net of law’ wrote:
“The net of law is spread so wide, No sinner from its sweep may hide.
Its meshes are so fine and strong, Theytake in every child of wrong.
O wondrous web of mystery!
Big fish alone escape from thee! ''
This poem has become a “Mantra” for the revenue. The Supreme Court in the case of TekchandVs. Competent Authority (201ITR658) in reading this poem also reminded the revenue to ensure that the Act is utilized in all proper cases, more so where “big fish " are involved. The Government is making incessant effort in this direction be it to plug loopholes, discourage incentive schemes, elimination of deductions and exemptions, punitive levy of penalties, use of coercive methods to collect taxes and so on. There is therefore a vital need to gain awareness of the changing law, the changing insights of the Government and above all the legal jurisprudence to ensure compliance with the law.
The subject of taxation as we all know is very vast though of considerable importance and