Highlights - Latest Standard Operating Procedures, circulars and notifications updated till October 2021. - Faceless Assessment, Appeal & Penalty procedures covered in FAQs format. - Faceless ITAT and E-filing of ITAT appeals. - Practical Issues with tips and solutions. - Legal Issues covering majority case laws on Faceless assessments and appeals. - Sample formats of grounds of appeal, statement of facts, affidavit, condonation etc. - Keys to drafting and specimens of legal submissions. Visit https://bit.ly/GuidetoFacelessAssessment for latest updates. About the book This book is a handy guide providing practical guidance on the recently introduced faceless assessment and appeal procedures. The book covers technical and procedural aspects of Faceless Assessments, Faceless Appeals, Faceless Penalties and Faceless ITAT. The book analyses the provisions minutely and presents in a simplified formats with FAQs, comparative tables and char ts. The step-by-step guide of procedures would be appreciated both by practitioners and laymen. The schemes being fairly new, have several teething issues in functioning of assessment and appeals, and therefore, the author has attempted to decode most common issues and give some probable suggestions to combat the same. There are some legal grey areas, amidst the faceless assessment and appeal schemes being constitutionally challenged in courts of law, such issues have been discussed at length. With the advent of digital convergence between different government departments, there is an added responsibility on professionals to be more cautious in submitting and drafting of submissions. The author digs deep into relevance of drafting submissions and interplay of income tax proceedings with other allied laws. This book strikes a perfect combination of legislation and practical nuances on this piloting topic. It is a recommended read for ever y professional, practitioner, academician and students of law and accountancy. About the author Kinjal Bhuta is a Chartered Accountant and Law graduate by qualification with more than 10 years experience in corporate and international taxation. She advises and represents corporates and high networth individuals on various tax matters including tax structuring, transfer pricing and compliance related matters. She has authored several articles for tax journals and online publications and written a monograph on 'Presumptive Taxation u/s. 44AD, 44ADA and 44AE' for Bombay Chartered Accountants Society (BCAS). An avid speaker, she has addressed various seminars across India held by ICAI and other bodies of professional importance. She is a faculty on Income Tax for Post Qualification Certificate Course on 'Preparation of appeals, Drafting of deeds and documents, and Representation before Appellate authorities and Statutory Bodies' hosted by ICAI. She currently serves as a Managing Committee Member of BCAS and is also a core member, Taxation committee and Convenor, Seminar, Membership Development and Public Relations committee, of BCAS. Kinjal is a co-editor of the BCAS Referencer - A 60 year-old, flagship publication encompassing Income Tax and other laws and contributor to annual budget publications.

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: o e-Assessment of Income Escaping Assessment Scheme, 2022 u/s 151A o Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 u/s 130 o e-Verification Scheme, 2021 u/s 135A o 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: o Disallowance on Account of Related Party Transactions o Additions on account of Variation between IND AS Adjustments & ICDS o Disallowance in respect of Exempt Income u/s 14A & Rule 8D o Case Study on Reply to New Reassessment Regime Notice o Case Studies on Section 143(1) Intimations o Disallowance of Foreign Tax Credit to Residents on Account of Non/Delayed Filing of Form 67 o Disallowance of Unexplained Expenditure o Disallowance of Deduction to Export-Oriented Units in Special Economic Zones o Disallowance of Bad Debts o Additions Made on Estimated Income Basis o Additions made in the hands of Group Housing Societies o Addition on account of HSBC Foreign Bank Account o Reassessment on account of Information from another IT Authority o Admission of Additional Evidence under Rule 46A o Cash Deposits out of Earlier Cash Withdrawals o Addition on account of considering Rental Business Income as Income from House Property o Appeal against Revisionary Order u/s 263 o Appeal against TDS Order u/s 201/201(1A) o Appeal against Rectification Order u/s 154 o Cash Deposits during Demonetisation o Valuation of Shares u/s 56(2)(x) o Share Capital u/s 68 o Share Premium u/s 56(2)(viib) o LTCG on Penny Stocks o Disallowance of Pre-commencement Business Expenditure o Taxability of Compensation received under RFCTLAAR Act, 2013 o Revenue Recognition & Expenditure Booking in Real Estate Business o Bogus Purchases o Seized Diary o AIR/STR information o Reply to Penalty Notice • [Practical Guide] for the following topics: o [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 o [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: o What would constitute a valid issuance & service of a faceless income tax notice? o Whether the omission of section 144B(9) makes faceless assessments conducted in violation of the principle of natural justice immune? o Whether the NaFAC be considered a lawful substitute for recording satisfaction by jurisdictional AO? o What is the validity of a frequent transfer of faceless assessments & penalty cases from faceless hierarchy to jurisdictional AO? o 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? o 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? o 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

In this latest edition from Taxmann for May 2021, we provide you with the analytical stories on the recent changes in Income-tax, GST and Insolvency & Bankruptcy Code reported on Taxmann.com. The coverage of this edition is as follow: Direct Tax Laws • Aspects to be considered on application of MFN Clause of Tax Treaty • New rules for registration and approval of NGOs w.e.f. 01-04-2021 • SOFR as a replacement of LIBOR: Transfer Pricing considerations • Taxation of software payments – Understanding tax implications based on IP law Goods & Services Tax • Beneficial Exemption: Should it be construed in a Strict or a Liberal way? • The uncertainty encircling ITC availment on Corporate Social Responsibility Insolvency & Bankruptcy Code • Supreme Court upholds the sanctity of Resolution Plan & the ‘Clean Slate Theory’ under IBC

The recent changes in Reassessment has you confused? 😖 Taxmann, as always, is here for you! 🤓 This exclusive article evaluates the instructions issued by the CBDT and explains the different scenarios wherein notices issued by the AO under the old provisions shall be treated as valid Drafted by Dr Vinod K. Singhania & Taxmann’s Editorial Board Read the Analysis Now!

The Finance Act, 2022 has received the assent of the President, Shri Ram Nath Kovind on March 30, 2022. The Finance Act 2022 has introduced more than 35 changes in the Finance Bill as introduced on February 01, 2022. New amendments have been made, and some proposed amendments have been removed or modified. A snippet of all the changes made in the Finance Act, 2022 viz-a-viz the Finance Bill, 2022 is presented in this write-up. Drafted by Taxmann’s Editorial Board.

Tax Practice Manual is an exhaustive (1,900 + pages), amended (by the Finance Act 2023) & practical guide (330+ case studies) for Tax Professionals of India. This book will be helpful for Chartered Accountants, Lawyers/Advocates, and Tax Practitioners to assist them in their day-to-day tax work. This book is divided into two parts: • Law Relating to Tax Procedures, including Tax Practice (covering 25+ topics) • 330+ Case Studies (covering 30+ topics) The Present Publication is the 9th Edition and has been amended by the Finance Act 2023. This book is authored by Mahendra B. Gabhawala with the following noteworthy features: • Law Relating to Tax Procedures o [Lucid Explanation in a Practical Manner with Checklists & Necessary Tips] for the law relating to the Tax Procedures o [Exhaustive Coverage of Case Laws] o [Fine Prints & Unwritten Lines] of the law are explained in a lucid manner • Tax Practice o [Elaborated & Threadbare Analysis] of every aspect of Tax Practice • Case Studies o [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners • Draft Replies o For the Notices sent by the Department o Petitions to the Department • Drafting & Conveyancing o [Complete Guide to Drafting of Deeds & Documents] covering the following: § Affidavits § Wills § Special Business Arrangements § Family Arrangements § Power of Attorney § Lease, Rent & Leave and Licenses § Indemnity and Guarantee § Charitable Trust Deeds, etc. The contents of this book are as follows: • Law Relating to Tax Procedures o Tax Practice o Pre-assessment Procedures o Assessment o Appeals o Interest, Fees, Penalty and Prosecution o Refunds o Settlement Commission – ITSC, Interim Board & Dispute Resolution Committee (DRC) o Summons, Survey, Search o TDS and TCS o Recovery of Tax o Special Procedures o Approvals o STT, Deemed Dividend, Tax on Liquidation, Reduction and Buy Back, MAT and AMT o RTI, Ombudsman o Drafting of Deeds o Agreement, MoU o Gifts, Wills, Family Arrangements o Power of Attorney, etc. o Lease, Rent, License, etc. o Sale/Transfer of Properties o Tax Audit o Income Computation & Disclosure Standards o Virtual Digital Assets o Significant Amendments by Finance Act 2023 o Prohibition of Benami Property Transactions Act 1988 • Case Studies o Tax Practice o Pre-Assessment Procedures o Assessment – Principles and Issues o Rectification of Mistake o Revision o Appeals to JT. CIT (Appeals)/CIT (Appeals) o Appeals to – ITAT – High Court – Supreme Court o Interest Payable by Assessee o Penalties o Prosecution o Refunds o Dispute Resolution Panel o Survey o Search & Seizure o Tax Deduction at Source o Recovery of Tax o Trust, Mutuality, Charity o Firm o LLP – Limited Liability Partnership o Right to Information – RTI o Agreement, MoU o AOP – Association of Persons o HUF – Hindu Undivided Family o Gifts o Wills o Family Arrangements o Power of Attorney o Indemnity and Guarantee o Lease, Rent, Leave and License o Sale/Transfer of Properties o Tax Audit o Prohibition of Benami Property Transactions Act, 1988

About the book The purpose of this book is to enable the taxable person to understand the applicability and impact of GST provisions with respect to the Real Estate Industry. The comprehensive and in-depth practical knowledge of the four authors would help in implementation of the provisions in an easy manner. This book is divided into eight parts as follows: Part 1 - Introduction and Overview Part 2 - GST impact analysis on real estate developers: Complex Developers, Joint development, contractors and other income. Part 3 - Detailed operational law containing classification, registration, tax credits, documentation, payments etc. Part 4 - Detailed procedural law containing assessment, audit, advance ruling, appeals, penalties, demands etc. Part 5 - Tax planning avenues, GST and RERA, Transitional provisions Part 6 - Disputes and department actions, [focussing on possible dispute area & resolution]. Part 7 - Role of Professionals from GST audit and tax planning perspective. Part 8 - Miscellaneous: 220+ FAQs and filled forms. Appendices containing FAQs released by CBIC and Important Notifications. Key Features Detailed and practical analysis of the GST provisions with case laws pertaining to the real estate industry. Covering all possible dispute areas along with their resolutions. Detailed analysis of the tax planning aspect. Covering extensive FAQs for removal of doubts. Blank as well as filled forms for better understanding. Detailed discussion on the role of professionals on how they can help in various GST matters. Visit http://bit.ly/GSTrealestate for Free online updates and important information.