He was speaking at the conference on ``Direct and Indirect Taxes'' organised by the Income Tax, Sales Tax Practitioners Association and All India Federation of Tax Practitioners, West Zone, Mumbai at Hotel Le Meridien here.

It has been pointed out from time to time that the statute has been framed without sufficient regard to the basic scheme upon which the statute was originally established, he said. He said that the law had become increasing difficult for the layman to understand.

According to Srinivasan, the difficulties created in the law, make it a paradise for professionals. The problem of judicial interpretation is to hold the middle way between the excess of a way out and excess of caution. In the case of income tax, however the tendency is to shift towards excess of caution. Citing a number of cases to drive home his point, he dwelt upon the changes in the attitude of the Government which earlier spent for public well-being but was now wasted on ostentatious functions.