Description
Taxmann Publications Faceless Assessment Appeals & Penalty Ready Reckoner with Real Time Case Studies by Mayank Mohanka
This book is a ready reckoner for the assessee and tax practitioners to understand the practicalities and nuances of the following in an effective, qualitative, and timely manner:
Faceless Assessments u/s 144B of the Income-tax Act as amended by the Finance Act, 2022
Newly substituted Faceless Appeal Scheme, 2021 introduced w.e.f. 28.12.2021
Faceless Penalty Scheme, 2021 introduced w.e.f. 12.01.2021
The newly inserted legislative faceless schemes are also explained:
e-Assessment of Income Escaping Assessment Scheme, 2022 u/s 151A
Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 u/s 130
e-Verification Scheme, 2021 u/s 135A
e-Advance Rulings Scheme, 2022 & e-Settlement Scheme, 2021 u/s 245D
The Present Publication is the 5th Edition, authored by Mayank Mohanka. This book is amended by the Finance Act 2022 & updated till 15th April 2022, with the following noteworthy features:
[Lucid Explanation with Illustrative Tables, Infographics, Visual & Real-time Scrutiny Windows] for the Faceless Assessment, Faceless Appeals Scheme 2021 & Faceless Penalty Scheme 2021
[25+ Real-time Practical Case Studies] on Faceless Assessments on the following issues:
Addition on account of Belated Deposit of Employees' Contribution towards PF & ESI
Disallowance of Foreign Tax Credit to Residents on account of Non/Delayed Filing of Form 67
Disallowance of Unexplained Expenditure
Disallowance of Deduction to Export Oriented Units in Special Economic Zones
Disallowance of Bad Debts
Additions made on Estimated Income Basis
Additions made in the hands of Group Housing Societies
Addition on account of HSBC Foreign Bank Account
Reassessment on account of Information from another IT Authority
Admission of Additional Evidence under Rule 46A
Cash Deposits out of earlier Cash Withdrawals
Addition on account of considering Rental Business Income as Income from House Property
Appeal against Revisionary Order u/s 263
Appeal against TDS Order u/s 201/201(1A)
Appeal against Rectification Order u/s 154
Cash Deposits during Demonetisation
Valuation of Shares u/s 56(2)(x)
Share Capital u/s 68
Share Premium u/s 56(2)(viib)
LTCG on Penny Stocks
Disallowance of Pre-commencement Business Expenditure
Taxability of Compensation received under RFCTLAAR Act, 2013
Revenue Recognition & Expenditure Booking in Real Estate Business
Bogus Purchases
Seized Diary
AIR/STR information
[Specimens of Suggestive Qualitative & Meritorious e-Responses/Submissions] on critical and recurring issues encountered in tax practice
[Practicalities & Nuances] of differences between the Conventional Assessments, Appeals and Penalty Proceedings & the New Faceless Assessments, Appeals and Penalty Proceedings
[Practical Guide] for the following topics:
[Actual Conduct of Proceedings] for Faceless Assessments, Faceless Appeals & Faceless Penalty, demonstrated in the following manner:
Step-by-Step
Through the Real-time e-Proceedings window
[e-Filing & e-Responses] of rectification applications u/s 154 & outstanding income tax demands respectively
[Seeking & Utilising the Opportunity of Personal Hearing] through video conferencing in the new e-Proceedings Utility
[Deciphering Critical & Legislative Issues] on the Faceless Taxation Regime, such as:
What would constitute a valid issuance & service of a faceless income tax notice?
Whether the omission of section 144B(9) makes faceless assessments conducted in violation of the principle of natural justice immune?
Whether NFAC can be considered as a lawful substitute for recording of satisfaction by jurisdictional AO?
What is the validity of a frequent transfer of faceless assessments & penalty cases from faceless hierarchy to jurisdictional AO?
What is the legality of fixing the maximum time limit for filing all the e-responses by the assessee under the e-proceedings functionality under faceless assessments?
What is the validity of the exercise of revisionary powers by an individual jurisdictional CIT(Appeal) u/s 263/264 over an order passed by a dynamic jurisdiction in the faceless hierarchy?
What are adequate safeguards for avoiding high-pitched assessments in the faceless regime?
[Frequently Asked Questions/FAQs] on the Faceless Taxation Regime
[International Best Practices] in Tax Administration & Indian Tax Administration
[Latest CBDT's Circulars, Notifications & Press Releases] on the Faceless Taxation Regime updated till 15.04.2022
The detailed contents of this book are as follows:
Evolution of Faceless Regime: From Caterpillar to Butterfly
Amended Faceless Regime in Finance Act, 2022
Practical Guide to e-Proceedings
Practical Case Study on Addition of Receipts of a Residents' Welfare Society in Faceless Assessments
Practical Case Study on Denial of Foreign Tax Credit in Faceless Assessment
Practical Case Study on Addition of Share Capital & Share Premium Receipts in Faceless Assessments
Practical Case Study on Addition of Long-Term Capital Gain on Penny Stocks in Income Escaping Assessment
Practical Case Study on Disallowance of Exemption u/s 10AA in Faceless Assessment
Practical Case Study on Disallowance of Pre-commencement Business Expenditure in Faceless Assessments
Practical Case Study on Addition of Compensation Received under RFCTLARR Act, 2013 in Faceless Assessments
Practical Case Study on Revenue Recognition & Expenditure Booking in Real Estate Business in Faceless Assessments
Practical Case Study on Disallowance of Purchases treating them as Bogus
Practical Case Study on Additions Based on Seized Diary
Practical Case Study on Addition based upon Annual Information Return (AIR)
Practical Case Study on Cash Deposits during Demonetisation
Practical Case Study on Valuation of Shares u/s 56(2)
Decoding Lesser-known Nuances of Faceless Assessment
International Best Practices & Indian Tax Administration
FAQs of Faceless Regime
Key Takeaways of SOPs issued by NeAC for Faceless Assessments
Miscellaneous Faceless Schemes under The Income-Tax Act, 1961
Faceless Appeals in its New Avatar
Decoding Faceless Appeal Scheme, 2021
Practical Guide to Faceless Appeals
Practical Case Study on Faceless Appeals on Disallowance of Employee's Contribution to PF & ESI
Practical Case Study on Faceless Appeals: Addition in Respect of Foreign Bank Account
Practical Case Study on Addition Based on Information Received from another IT Authority
Practical Case Study on Faceless Appeals: Admission of Additional Evidence
Practical Case Study on Faceless Appeals: Cash Deposits during Demonetisation
Practical Case Study on Faceless Appeals: AO's Treatment of Business Rental Income as Income from House Property
Practical Case Study on Appeal before ITAT: Challenge to Revisionary Order u/s 263
Practical Case Study on Appeal Representation in respect of Section 201 Order
Practical Case Study on Faceless Appeals: Challenge to Rectification Order u/s 154
Practical Case Study on Faceless Appeals on Addition of Unexplained Expenditure & Disallowance of Bad Debts
Decoding the New Rules of Penalty Shoot-Out: Faceless Penalty Scheme, 2021
Practical Guide to e-Filing of Rectification Application & Response to Outstanding Demand
Analysis of High Court Judgments on Faceless Assessments & Lessons Learnt
About the author
Mayank Mohanka
Mayank Mohanka is a seasoned Tax Practitioner, a Fellow Member of the Institute of Chartered Accountants of India, and a Bachelor of Commerce, in Honours Degree from Shri Ram College of Commerce (SRCC), Delhi University.
He is a Senior Partner in a New Delhi based CA Firm, M/s S.M. Mohanka & Associates. He is the Founder Director of M/s TaxAaram India Pvt Ltd. He has recently launched his unique Start-up Venture taxaaram.com, India's first digital platform offering painless, seamless, and cost-effective professional e-services in relation to faceless assessments, appeals and other statutory e-compliances.
He has 16+ years of rich and profound experience in Taxation (Direct & Indirect) and Advisory. He makes representations for diversified industries, including the Power Sector, Banking & Finance, Real Estate, Food Processing, Infrastructure, Manufacturing, Education, and Information Technology, before Authority for Advance Rulings, ITAT, Education Boards and other appropriate forums.
He has to his credit 100 distinguished, informative, useful, and practically oriented published articles in reputed journals, sites, and platforms, including Taxmann, on broad-ranging subjects including Income Tax, GST, PF, ESI, IBC, Corporate Laws, Education Acts & FEMA.
He has also authored a 'Best Seller' Professional Book titled 'Case Studies & Procedures under Direct Tax Vivad se Vishwas Act, 2020, with Taxmann Publications, and the Book' SUPER 21', treasuring his real-life winning representations on Income Tax, GST, PF, ESI, IBC & Banking Regulation Act, in his professional practice.