Description
Taxmann Faceless Assessment Appeals & Penalty Ready Reckoner with Real-Time Case Studies by Mayank Mohanka
This book is a ready reckoner & go-to-guide 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 Acts 2022 & 2023
Newly substituted Faceless Appeal Scheme, 2021 legislated w.e.f. 28.12.2021
Faceless Penalty Scheme, 2021 incorporated w.e.f. 12.01.2021 & substituted with Faceless Penalty (Amendment) Scheme, 2022
Newly Amended Reassessment Regime u/s 147-15, conducted in a faceless manner via faceless assessment
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 6th Edition and has been amended up to 8th April 2023. This book is authored by Mayank Mohanka, with the following noteworthy features:
[Lucid Explanation with Illustrative Tables, Infographics, Visual & Real-time Scrutiny Windows] for the Faceless Assessment/Reassessment, Faceless Appeals Scheme & Faceless Penalty Proceedings
[30+ Real-time Practical Case Studies] for the following issues:
Disallowance on Account of Related Party Transactions
Additions on account of Variation between IND AS Adjustments & ICDS
Disallowance in respect of Exempt Income u/s 14A & Rule 8D
Case Study on Reply to New Reassessment Regime Notice
Case Studies on Section 143(1) Intimations
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
Reply to Penalty Notice
[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
[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 the NaFAC be considered a lawful substitute for recording 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 exercising 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 08.04.2023
The detailed contents of this book are as follows:
Faceless Taxation Regime: Our Own Generative Pre-trained Transformer (GPT)
Amended Faceless Regime in Finance Act 2022
Practical Guide to e-Proceedings
Guidelines for Compulsory Selection of Cases for Complete Scrutiny in FY 2022-23 in Faceless Regime
Practical Case Study on Disallowance of Related Party Transactions in Faceless Assessment
Practical Case Study on Ind AS Adjustments in Computation of Income in Faceless Assessment
Practical Case Study on Disallowance u/s 14A & Rule 8D in Faceless Assessment
Faceless Assessment Under New Regime
Practical Case Study on Faceless Reassessment under New Regime
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 Stock
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 Assessment
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 Addition Based on Seized Diary
Practical Case Study on Addition based upon Annual Information Return (AIR)
Practical Case Study on Cash Deposit 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 on Faceless Regime
Standard Operating Procedure (SOP) for Faceless Assessment Proceedings u/s 144B of the Income-tax Act
Miscellaneous Faceless Scheme under the Income-tax Act
Faceless Appeals in its new Avatar
Decoding Faceless Appeals Scheme 2021
Practical Guide to Faceless Appeals
Practical Case Study on Faceless Appeals on Disallowance of Employees' 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: AOs 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
Practical Case Study on Faceless Penalty u/s 271B
Practical Guide to E-Filing of Rectification Application & Response to Outstanding Demand
Time to Make Artificial Intelligence Intelligent & Machine Learning Learn
Analysis of High Court Judgements on Faceless Assessments & Lessons Learnt