Taxmann Faceless Assessment, Appeals & Penalty Ready Reckoner with Real Time Case Studies by Mayank Mohanka – 5th Edition April 2022

Description

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 5^th Edition, authored by Mayank Mohanka. This book is amended by the Finance Act 2022 & updated till 15^th 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

Details