About the Book

‘READY RECKONER’ ‘Go-TO-GUIDE’ each and everything Know, Understand & Learn New ‘Faceless Taxation Regime’.

Crafted with acute precision, this Special & Exclusive Edition of the Book, faceless assessments, faceless appeals, faceless penalty and all other faceless proceedings,

‘Threadbare Analysis of the Amended Faceless Regime by the Finance Act, 2022 and Finance Act, 2023

Faceless Taxation Regime’

‘step-by-step-manner’ ‘real-time practical case studies’ new e-Proceedings utility new e-Filing portal

Key Highlights:

The newly substituted section 144B containing amended provisions for ‘Faceless Assessments’ and the Amended Legislative Scheme of ‘Faceless Appeal Scheme, 2021’ and ‘Faceless Penalty Scheme, 2021’, have been explained lucidly with illustrative tables, infographics, visuals & real-time scrutiny windows.

Threadbare Analysis of the New Reassessment Regime in Faceless Assessments.

‘Real-time Practical Case Studies’ on ‘Faceless Assessments/ Reassessments/Appeal/Penalty Proceedings’ on issues of:

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

Specimens of Suggestive Qualitative & Meritorious ‘e-Responses/ Submissions’ on all above critical and recurring issues, which one encounters 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 to ‘Faceless Assessments’, ‘Faceless Appeals’ & ‘Faceless Penalty’ Proceedings, demonstrating their actual conduct in a ‘Step-by-Step-Manner’ through ‘Real-time’ ‘e-Proceedings’ windows.

Practical Guide to ‘e-Filing of Rectification Applications u/s 154’ & ‘e-Responses to Outstanding Income Tax Demands’.

Practical Guide to Seeking & Utilising the Opportunity of Personal Hearing through Video Conferencing in new e-Proceedings Utility. Deciphering Critical & Litigative Issues in the Faceless Taxation Regime, like:

(i) What Would Constitute a Valid Issuance & Service of a Faceless Income Tax Notice;

(ii) Whether Omission of section 144B(9), Makes Faceless Assessments conducted in Violation of Principle of Natural Justice, Immune?

(iii) Whether NaFAC can be considered as a Lawful Substitute for Recording of Satisfaction by Jurisdictional AO?

(iv) Validity of Frequent Transfer of Faceless Assessments & Penalty Cases, from Faceless Hierarchy to Jurisdictional AO

(v) Legality of the fixing of the maximum time limit for filing all the ‘e-responses’ by the assessee under the ‘e-proceedings’ functionality under faceless assessments.

(vi) Validity of Exercise of Revisionary Powers by an Individual Jurisdictional CIT(Appeal) u/s 263/264, over an Order passed by a Dynamic Jurisdiction in Faceless Hierarchy.

(vii) What are adequate Safeguards for Avoiding High-Pitched Assessments in Faceless Regime?

FAQs on the ‘Faceless Taxation Regime’.

Lucid Explanation of the newly inserted legislative faceless schemes like ‘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 and e-Settlement Scheme, 2021 u/s 245D of the Income Tax Act.

I-14

International Best Practices in Tax Administration & Indian Tax Administration

All Important and Relevant CBDT’s Circulars, Notifications & Press Releases on the ‘Faceless Taxation Regime’ updated till 15.4.2023.