Faceless Assessment Appeals & Penalty Ready Reckoner by Mayank Mohanka – 6th Edition 2023

Description

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 6^th Edition and has been amended up to 8^th 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