Taxation
Credit shrink
THE Auto Sales (AS) case, which appeared before the Allahabad High Court, has useful tips for creative accounting. AS was a hire-purchase dealer in motor vehicles. Its accounting proceeded on the following lines:

Valuation goof-up
S. Murlidharan on the tax implications of unearned increase in value of leased land

The penalty conundrum
In spite of amendments, the law on concealment penalty still seems open to interpretation, says T. C. A. Ramanujam

Cleaning the Augean stables
T. N. Pandey says that for checking corruption, mere disallowance of illegal expenses in income-tax assessments will not suffice

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