Critical Issues in Faceless Assessments under Income Tax Act, 1961

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Course Description

Section 142(1): Inquiry before Assessment
Section 142A: Estimation of Value of Assets by Valuation Officer
Section 142B: Faceless Inquiry or Valuation
Section 143(1): Assessment
Section 144: Best Judgment Assessment
Section 144A: Power of Joint Commissioner to issue directions in certain cases
Section 144B: Faceless Assessment
Section 144BA: Reference to Principal Commissioner or Commissioner in certain cases
Section 144C: Reference to Dispute Resolution Panel (DRP)

Section 68: Cash Credits
Section 69: Unexplained Investments
Section 69A: Unexplained Money, etc.
Section 69B: Amount of Investments not fully disclosed in books of account
Section 69C: Unexplained Expenditure, etc.
Section 69D: Amount borrowed or repaid on hundi
Section 115BBE: Tax on income referred in sections 68 to 69D

Incorrect Income Disclosure
Mismatch between Income Declared and Form 26AS/TDS
Disallowance of Expenses
Fictitious/Inflated Bills or Transactions
Non-filing or Late Filing of Returns
Application of Wrong Tax Rates
Disputes over Capital Gains Taxation (Valuation of Capital Assets)
Bogus Purchases/Sales Transactions
Share Premium Received for Unquoted Shares
Taxability of Gifts & Unexplained Credits
Denial of Deductions & Exemptions
Taxation of Foreign Income
Practical Case Studies and Resolution Mechanisms

Meet Your Instructor

CA Hari Agarwal

Authored a book titled 'Tax Payers' Practical Guide to Survey under Income Tax Act, 1961 Co- authored by Partners(Sons) CA Varun Agarwal and CA Vivek Agarwal.
Faculty in Income Tax for ICAI's Post Qualification Certificate Courses
Presented more than 150 seminars mainly on "Survey, Search & Seizure", organized by various branches of ICAI in different states.
Contributing monthly column on "Survey, Search & Seizure Update" for more than 20 years, in the newsletters published by the Hyderabad Branch of ICAI.
Periodically delivered talks on Doordarshan and All India Radio.
Formerly nominated as member of Ethical Standards Board of ICAI, New Delhi.
Few of the latest topics of the seminars include:
. Vivad Se Vishwas Scheme 2020
. Newly introduced Faceless e-assessment scheme
. Representation before Commissioner of Income Tax (Appeals)
. Provision of sec 270A of Income Tax Act 1961
. Provision of sec 115BBE of Income Tax Act 1961