Preface to Sixth Edition

This thoroughly revised, updated and very special, sixth edition of my Book, proudly treasures, each and everything, which one may wish to know, understand and learn about the new ‘Faceless Regime’ in Income Tax Act, 1961.

This Book has been curated and crafted with acute precision and incorporates all the practicalities and nuances of the three limbs of the new ‘Faceless Taxation Regime’, , ‘Faceless Assessments’ under the newly substituted section 144B of the Income Tax Act, by the Finance Act, 2022, the newly substituted ‘Faceless Appeal Scheme, 2021’ legislated w.e.f. 28.12.2021 and the ‘Faceless Penalty Scheme 2021’ incorporated w.e.f. 12.1.2021 and as substituted with the Faceless Penalty (Amendment) Scheme, 2022.

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, have been lucidly explained.

All Important and Relevant CBDT’s Legislative Schemes, Circulars, Notifications and Press Releases on the ‘Faceless Taxation Regime’ updated till 15.4.2023, have been included in this Book.

All the significant and crucial litigative issues which every assessee or tax professional is bound to encounter in the present statutory framework of the faceless direct taxation regime i.e., faceless assessments/reassessments, faceless appeal and faceless penalty proceedings, have been lucidly explained and practically demonstrated with the help of real-time practical case studies.

Qualitative suggestive e-submissions/replies, incorporating all the relevant and updated legal jurisprudence, for almost all the important and crucial assessments, re-assessments and appeal issues like Disallowance on account of Related Party Transactions, Addition on account of variation between IND AS Adjustments in Computation of

Income & ICDS, Disallowance in respect of Exempt Income u/s 14A and Rule 8D, New Reassessment Regime in Faceless Assessments, Case Studies of 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, Doctrine of Mutuality, Addition on account of Existence of Undisclosed HSBC Foreign Bank account, Additions based on AIR information, Cash Deposits during Demonetisation, Share Valuation u/s 56(2)( ), Admission of Additional Evidence under Rule 46A, appeal before ITAT against Revisionary Order u/s 263, appeal against Rectification Order u/s 154, Addition on account of considering Rental Business Income as Income from House Property, Addition of Share Capital and Share Premium u/ss 68 & 56(2)(x), LTCG on Penny Stocks, Bogus Purchases, Seizure of Loose papers/diary, Revenue recognition and expenditure booking in Real-estate sector, Appeal against 201/201(1A) Order, Disallowance of pre-commencement business expenditure, taxability of compensation received for non-agricultural land, Reply in response to Penalty Notice, etc. included in this Book, are surely going to act as a ‘ready referencer’ and benchmark e-submissions for the assessees and the tax professionals in their tax practice. This Book characterizes a ‘natural blend of law and practice’ concerning the New Faceless Taxation Regime, and as such serves as an effective, efficient, robust and deadly weapon in the armory of the assessees and tax practitioners to combat ‘Faceless Assessments’, ‘Faceless Appeals’, ‘Faceless Penalty’ proceedings, and all other Faceless Schemes, incorporated in Income Tax Act, 1961.

‘Learning and improving is a continuous process’ and so honest and valuable suggestions and feedback are invited and solicited from the ‘worthy readers’, at my email id mayankmohanka@gmail.com for further improvement.

Knowledge multiplies manifold by sharing. It is a supreme form of wealth.

With Warm Regards

Mayank Mohanka