The complexities of Indian tax Laws are legendary. When Mr. Kadakia informed me that he was writing a treatise on section 56(2)(vii) of the Income-tax Act, 1961. I was wondering whether he would have sufficient material for an entire book on one clause of a sub-section of the Income-tax Act. When I finally read the commentary my trepidation was set at naught. The number of issues which arise in the interpretation of this provision is mind boggling. I suppose that is what happens when one seeks to bring to tax as income something which really is not of an income character.
Mr. Kadakia has provided a comprehensive and insightful analysis of this provision making it accessible and understandable for both professionals and lay persons. His expertise and clear explanations are invaluable resources for navigating the complexities on the provision.
I would recommend this book for anyone who is interested in seeking an in-depth understanding of this provision.