Taxmann’s Faceless Assessment and Appeals Ready Reckoner with Real Time Case Studies by Mayank Mohanka – 4th Edition April 2021

Description

This book is a ready reckoner for the assessee and tax practitioners, to understand practicalities and nuances of the following, in an effective, qualitative and timely manner:

• Faceless Assessments under the newly inserted Section 144B of the Income Tax Act w.e.f. 01.04.2021
• Faceless Appeal Scheme, 2020 legislated w.e.f. 12.02.2021
• Faceless Penalty Scheme, 2021 incorporated w.e.f. 12.02.2021
• Legislative provisions concerning Faceless ITAT

The Present Publication authored by Mayank Mohanka, is the 4^th Edition & amended by the following:

• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• All Important & Relevant CBDT’s Legislative Schemes, Circulars, Notifications & Press Releases on the Faceless Taxation Regime are updated till 31.03.2021

This book has the following noteworthy features:

• [Illustrative Tables, Infographics, Visuals & Real-time Scrutiny Windows] to explain the newly inserted Section 144B containing provisions for ‘Faceless Assessments’ and the Legislative Schemes of ‘Faceless Appeal Scheme, 2020’ and ‘Faceless Penalty Scheme, 2021’.
• [Real-time Practical Case Studies] on ‘Faceless Assessments’ on issues of:
  • 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
  • TDS on Transmission & Wheeling Charges
  • Appeal against Rectification Order u/s 154
  • Cash Deposits during Demonetization
  • Valuation of Shares u/s 56(2)(x)
  • Share Capital/Share Premium
  • LTCG on Penny Stocks
  • Disallowance u/s 14A/Rule 8D
  • 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 ‘Faceless Assessments & Faceless Appeals’
• Practicalities & Nuances of Differences between the Conventional Assessments, Appeals and Penalty Proceedings & the New Faceless Assessments, Appeals and Penalty Proceedings.
• [‘Step-by-Step-Manner’ through ‘Real-time’ ‘e-Proceedings’ windows] for demonstrating the actual conduct of ‘Faceless Assessments’, ‘Faceless Appeals’ & ‘Faceless Penalty’ proceedings
• [Practical Guide] to ‘e-Filing of Rectification Applications u/s 154’ & ‘e-Responses to Outstanding Income Tax Demands’.
• [Doctrine of Audi Alteram Partem] Critical Litigative Issues in the Faceless Taxation Regime
• Faceless ITAT: Some Key Issues
• FAQs on the ‘Faceless Taxation Regime’
• International Best Practices in Tax Administration & Indian Tax Administration

The detailed contents of this book are as follows:

• Faceless Assessments
  • Faceless Taxation Regime Enters Legislature
  • Personal Hearing via Video Conferencing in Faceless Assessments
  • Practical Guide to Faceless Assessments
  • Practical Case Study on ‘Faceless Assessment’ under section 143: Receipt of Share Capital/Share Premium
  • Practical Case Study on ‘Faceless Assessment’ under section 143: Long Term Capital Gain on Penny Stocks
  • Practical Case Study on Faceless Assessment under section 143 : Disallowance under section 14A read with rule 8D
  • Practical Case Study on ‘Faceless Assessment’ under section 143: Disallowance of pre-commencement business expenditure
  • Practical Case Study on Faceless Assessment under section 143 : Taxability of Compensation received under RFCTLARR Act, 2013
  • Practical Case Study on Faceless Assessment under section 143 : Revenue Recognition & Expenditure Booking in Real Estate Business
  • Practical Case Study on Faceless Assessment under section 147 : Bogus Purchase Entries
  • Practical Case Study on Faceless Assessment under section 147 : Seized Diary/Loose Sheets
  • Practical Case Study on Faceless Assessment under section 147 : Annual Information Return (AIR)
  • Practical Case Study on Faceless Assessment under section 147 : Information from Investigation Wing
  • Practical Case Study on Faceless Assessment under section 147 : Cash Deposits during Demonetisation
  • Practical Case Study on Faceless Assessment under section 147 : Valuation of Shares u/s 56(2)
  • Practical Guide to e-Filing of rectification application u/s 154 & e-response to outstanding Income-tax demand
  • Decoding Lesser Known Nuances of ‘Faceless Assessment Scheme, 2019’
  • Faceless Assessments : Few Critical Suggestions to Make them Flawless
  • International Best Practices & Indian Tax Administration
  • FAQs on Faceless Assessments
  • Key takeaways of SOPs issued by NeAC for Faceless Assessments
  • New Faceless regime as per ‘The Taxation Amendment Act, 2020’
• Faceless Appeals
  • Faceless Appeals: One more step towards Digital Tax Administration!!
  • Practical Guide to Faceless Appeals
  • Key Takeaways from Deliberations of Sr. Income Tax Department Dignitaries on Faceless Assessments & Appeals
  • Practical Case Study on Faceless Appeals: Addition in respect of Foreign Bank Account
  • Practical Case Study on Faceless Appeals: Information 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 Faceless Appeals: Challenge to Revisionary Order u/s 263
  • Practical Case Study on Faceless Appeals: TDS on Transmission & Wheeling Charges
  • Practical Case Study on Faceless Appeals: Challenge to Rectification Order u/s 154
  • Decoding the New Rules of Penalty Shoot-out: Faceless Penalty Scheme 2021!!
  • Final Fact-Finding Appellate Authority ITAT Also Going Faceless w.e.f. 1.4.2021
  • Faceless Taxation Regime & Audi Alteram Partem

Details