Articles by Vivek Jalan

Excess stock found during survey - Business income or undisclosed investments

Vivek Jalan 10 February 2024 at 14:10

Whoever makes an assertion, must substantiate it. But whoever requires substantiation must also accept it or prove otherwise! In case an assessee explains the source of the investment in excess stock in his statement that the same was undisclosed income of the assessee from its business

SCNs for FY 17-18 and 18-19 remain valid; Issuance allowed u/s 74

Vivek Jalan 08 February 2024 at 14:01

SCNs for FY 17-18 and 18-19 are still not time-barred. All SCNs can be issued u/s 74

Decoding Natural Justice in GST Cases

Vivek Jalan 07 February 2024 at 08:40

Section 75 of The CGST Act 2017 is a Code in Itself for invocation of Natural Justice in GST Cases

No Interest under GST on delayed filing of GSTR-3B

Vivek Jalan 06 February 2024 at 07:55

While Section 50 of The CGST Act was retrospectively amended to provide that there would be no interest liability on delayed filing of GSTR-3B to the extent of balance in The Electronic Credit Ledger

Powers of the CIT(A) Limited to AO's Scope under Section 251 of Income Tax Act

Vivek Jalan 03 February 2024 at 08:50

Powers of the CIT(A), of enhancement under section 251 of Income Tax Act is restricted to the matter dealt with by the AO

Decoding Section 143(2): Why Issuance of Notice is Crucial for Valid Assessments

Vivek Jalan 24 January 2024 at 08:46

Issuance of notice u/s 143(2) is mandatory and non-compliance of the same will result in nullifying the assessment orders

Bombay High Court dissects taxability on 'accrual' concept, when a dispute is under judicial purview

Vivek Jalan 20 January 2024 at 08:25

Mesne profits, which are yet to be determined, do not come within the purview of an accrued income for the purposes of Section 4 and 5 of the Income Tax Act till the judgment regarding civil dispute was rendered in this regard.

Non-filing of ITR can lead to prosecution

Vivek Jalan 18 January 2024 at 14:05

Taxpayers are now witnessing a new era where economic offenses are no more taken with an attitude of "Letting things be". Tax Professionals should also change accordingly and ensure that tax compliances are in order.

Should employees suffer incase the employer defaults in payment of TDS?

Vivek Jalan 18 January 2024 at 08:53

On 15.07.2014, Karnataka High Court in ITA 165/2012 directed the revenue authorities to recover TDS amounting to Rs.302 crores from the Kingfisher airlines. On 18.11.2016, the Kingfisher Airlines Limited was ordered to be wound up by the Karnataka High Court.

CBDT redefines intra-group loans and amends safe harbour norms for MNC group transactions

Vivek Jalan 04 January 2024 at 08:38

The CBDT vide Notification No. 104/2023 dated December 19, 2023, issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023, amending Rules 10TA and 10TD of the Income Tax Rules, 1962 ("the IT Rules").