This interview has been published by Namrata Singh and The SuperLawyer Team
Can you share how you started your career and what motivated you to specialize in economic legislation and taxation?
I belong to a family of lawyers but I had shifted to Delhi and had been working with Corporate after completing my Company Secretaryship. The essence of economic legislations was interestingly fed into my mind and I kept on working over the same. My Father Late O. P. Jalan who was working as a Lawyer at Ranchi had a very decent practice in Taxation. In 1991 he suffered from a heart attack which led to open heart bypass surgery, after which he left his practice I took over the same and that motivated me to specialize in economic legislation and taxation. I started my practice with my appearances before the Income Tax Appellate Tribunal and took up complicated search matters. These cases created many points of fact and questions of law making the practice interesting for me.
You have defended many high-profile cases, including nationally known raid cases. Could you please describe one such case and the unique challenges you faced during its resolution?
There have been many interesting high-profile cases that I cannot disclose by name due to the importance of maintaining professional confidentiality. However, one significant case where I faced unique challenges involved the seizure of a shipment of jeera by the Income Tax Authorities in Gujarat. This seizure raised several critical questions:
- Should perishable goods be seized by the Income Tax Authorities?
- If such goods are seized and subsequently damaged, will the government bear the resulting losses?
- In cases where the goods are partially purchased on credit, would the government assume responsibility for payment to the creditors? Additionally, how would the severe loss of goodwill be compensated?
The decision by the Gujarat High Court in this matter, which led to a clarification by the CBDT directing the Directorate of Income Tax Investigation not to seize stock-in-trade, was widely appreciated. The challenges during this period were enormous. Authorities wield significant power, and it requires great patience to maintain the essence of the subject at hand. A major challenge is preserving the client’s confidence, which can often be shaken by external factors and rivalries. Each situation demands a unique solution to address these issues. To navigate such complexities, maintaining the integrity and essence of the profession, along with the values of purposive construction, is essential.
As the Principal Managing Partner at O. P. Jalan & Associates Consultants LLP, how have you steered the firm to its current standing, and what strategies have you implemented to ensure its success?
I trust God and the values that the legal profession has. When I started this practice I preferred giving the same value to my associates whom I always respected, taught and trusted. In 33 years we have been conducting classes every week explaining the factual propositions combining them with the purposive interpretations. The value of team members has always been appreciated and rewarded and in return, my associates have been with me always. We have one of the lowest switch-over of our colleagues who join us and become our part. This is our major strategy of success.
You lead a diverse team of chartered accountants, company secretaries, lawyers, and cost accountants. What are the key challenges and rewards of managing such a multidisciplinary team?
Taxation, Direct & Indirect, Corporate, Economic Laws and Governance along with compliances require a diverse team and to have an in-house team with the interest of each person served, it becomes very simple for a coordinated approach to give results to the clients and command faith over the authorities. Leading a team with diverse interests becomes simple if the due given by each professional is appreciated and he is given the freedom to exploit himself for the best. This helps lead the diverse team. Challenges do come but they are resolved when the interest of each other is not compromised. It is not difficult to manage a multi-disciplinary team if a selfless approach is taken.
What advice would you give to young legal professionals who aspire to specialize in taxation and corporate law? Are there any specific skills or experiences you believe are crucial for success?
The most important advice I give to young professionals is not to focus solely on mere compliance but to understand the reasons behind why such compliances are required. In the field of law, advertisement and marketing are prohibited. I would advise young professionals to uphold the ethics of the profession and grow with the right values. The specific skills or experiences I emphasize include having an up-to-date knowledge of the economy and finances at the local, state, and national levels, and maintaining the right balance.
How do you balance your demanding professional life with your interests and hobbies? Can you share any particular hobby or interest that helps you unwind and stay motivated?
As one grows with the profession, the number of hours spent in the profession plus the sleep reduces the time for one’s interests or hobbies, but to balance the professional life one of the most important hobbies that I have is my regular morning and evening meditation which I never let skip. I look at the personal interests of my colleagues and in turn, my colleagues always take care of what I intend to do. Apart from this my interest lies in a bit of writing and a bit of teaching which I always do, that helps me unwind and stay motivated.
You have been involved in preparing various policy matters and representations before government authorities. Can you discuss a significant policy change you influenced and its impact on the legal and business community?
Many policy changes have been done through our efforts but in the current budget bringing back the Block Assessment in search matter has been a very significant policy change. The impact of this is a substantial reduction of litigation costs and harassment where a person is searched. This policy change also helps the constitution of ease of doing business in the business community. If you read my notes on LinkedIn, my contention would be held to be correct.
What do you envision for the future of legal services, especially in the realm of economic legislation and taxation? How do you think legal professionals can prepare for upcoming challenges and opportunities in this field?
The future of legal services in the realm of economic legislation and taxation is undergoing rapid change, as the economy is evolving very quickly, and interpretations of the law are also shifting with time. With the growth of the economy, legal professionals must work as a team, reducing individual interests. This can only be achieved if business opportunities are viewed as opportunities for the entire team. The team manager should consistently share knowledge and bring in new talent to stay updated and be part of this growth.
You started your career after completing your CS and later pursued an LL.B in 2011. What motivated you to pursue an additional law degree at that stage in your career, and how has it enhanced your professional expertise and practice?
I began my career as a Company Secretary, a role I consider to be fundamentally responsible for overseeing the economic legislations of a company. As an Officer in Default, I took on the critical responsibility of advising the Board of Directors. By 2009, Company Secretaries began to refer to themselves as Compliance Officers, focusing primarily on ensuring statutory compliance. This shift, however, seemed to limit the broader significance of the profession.
Chartered Accountants (CAs), Company Secretaries (CSs), and Cost Accountants (ICMAs) are all rooted in the law. Coming from a family of lawyers, I decided to pursue a law degree in 2011 to expand my professional scope and appear before the Hon’ble Supreme Court and High Courts. After completing my law degree, I obtained my Certificate of Practice (COP) as a lawyer and transitioned my firm into a multidisciplinary law firm.
You have been actively involved in economic empowerment through various roles, including as a founder trustee of DOX and Chapter Chairman of the Institute of Company Secretaries of India. Please share some insights about these roles of yours and how they have influenced your professional approach.
As mentioned earlier, my father was a lawyer, and my elder brother, Shri Jai Prakash Jalan, was a civil lawyer. My younger brother, Shri Abhimanyu Jalan, is a barrister and a partner at Clyde & Co LLP. My elder brother’s daughter and her husband are also lawyers, working as partners at Khetan & Company in Bombay. My son is an advocate as well, practicing in the Jharkhand High Court as my partner, and in partnership with Blacks & Whites, a law firm.
We have always believed in the importance of sharing and giving back to society. When our name became established, I thought of fostering a sense of brotherhood among the alumni of my alma mater, St. Xavier’s School, Doranda, Ranchi. To that end, a trust called DOX, comprising around 800 members, was created. This was done to give back to the society that has given us recognition.
Following this, I took on the Chairmanship of ICSI to promote the profession and inspire aspirants to not only become good professionals but to achieve excellence in their fields. My approach to this institution stems from being part of a joint family of four brothers, where we value each person’s professional acumen by acknowledging their individuality while maintaining a collective vision for the right growth. This philosophy has greatly helped me in keeping my professional agenda and approach intact.
Get in touch with Vinay Jalan-
