Articles by Vivek Jalan

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").

Minimum thirty days to be provided to reply to a GST SCN

Vivek Jalan 27 December 2023 at 14:21

Going to Tribunal under GST requires 30% pre-deposit. Moving to High Court in each case requires hefty charges which may be affordable in some cases but not in all cases.

Higher GST charged by the Vendor: ITC as well as refund available to the recipient

Vivek Jalan 27 December 2023 at 08:56

Consider the situation where the input product was chargeable only at the rate of 5% and assesses supplier mistakenly charged higher rate of 18% GST on input for final product, which is chargeable to lower rate of GST of 5%

Conditions for Blocking ITC u/s 86A Demand Strong Cases and Due Process for Taxpayers

Vivek Jalan 22 December 2023 at 09:26

Blocking of ITC u/s 86A is possible only when the officer has a strong case; opportunity of being heard has to be provided to the taxpayer also

Department's Interest Timer on Tax Refunds Post-Appellate Victory at 60 Days

Vivek Jalan 19 December 2023 at 15:16

Department's interest meter on refunds keeps ticking after 60 days of application... if taxpayer wins in appellate proceedings