The Hindu Business Line : Saturday, July 22, 2006

Power stretching
There is an impression that Section 119, which allows limited powers to the CBDT to remove the rigours of straightjackets in certain cases, is a panacea for all the difficulties faced by taxpayers. More

A little fire is quickly trodden out
Whether in sea or fire, in earth or air... A line from Hamlet that is quite apt for the taxman's reach. Just the way it happened in the Agnice Fire Protection case that came up recently before the Chennai Tribunal. Agnice used to ... More

The drag of capital losses
Any amount in the nature of a capital loss cannot be claimed as a deduction. More

A problem of bifurcation
Expenses relating to taxable and tax-free incomes cannot be easily ascertained More

Interest on refunds
Conflicts arise when a statute dictates a different manner of recognising income and departs from the strict interpretation of accrual. More

ECONOMICS
We can't afford to put capitalism on autopilot mode
In The Twilight of the Nation State, Prem Shankar Jha outlines the evolution of capitalism and its influence on social, economic and political institutions. Kees van der Pijl, in Global Rivalries from the Cold War to Iraq, explores how capital accumu lation has pushed societies on the perimeter to become `rival economic units', open to exploitation by bigger powers. Two books to arm yourself with this weekend, even as storms rage on in the conflict zones, says D. MURALI. More

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