Taxmann Faceless Assessment Ready Reckoner with Real Time Case Studies By Mayank Mohanka Edition April 2023

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This Book is a Ready Referencer & Practical Guide to Faceless Assessments, Faceless Appeal & Faceless Penalty Proceedings, demonstrating their actual conduct in a Step-by-Step-Manner through Real-time e-Proceedings windows. This Book characterises a natural blend of law and practice concerning the New Faceless Taxation Regime.

Faceless Assessment Ready Reckoner By Mayank Mohanka

Faceless Assessment Ready Reckoner 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

About the Author

Sh. Mayank Mohanka is a seasoned Tax Practitioner, a Fellow Member of the Institute of Chartered Accountants of India and a Bachelor of Commerce, in Honours Degree from Shri Ram College of Commerce (SRCC), Delhi University.
He has a 15+ years of rich and profound experience in the field of Taxation (Direct & Indirect) and Advisory. He makes Representations for a widely diversified cross section of industries including Power Sector, Banking & Finance, Real Estate, Food Processing, Infrastructure, Manufacturing, Education and Information Technology, before Authority for Advance Rulings, ITAT, Education Boards and other appropriate forums.
He has to his credit 35 distinguished, informative, useful and practically oriented published articles in reputed journals, sites and platforms including Taxmann, on wide ranging subjects including Income Tax, GST, PF, ESI, IBC, Corporate Laws, Education Acts & FEMA.
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