One more exception to Faceless Assessment u/s 144B for technical reasons or non PAN cases

CBDT prescribes One more exception to Faceless Assessment u/s 144B for technical reasons or non PAN cases

The Central Board of Direct Taxes (CBDT) vide order No. 119 (F. No.187/3/2020-ITA-I) dated 31^st March, 2021, in order to ensure that all the assessment orders are passed through the Faceless Assessment Scheme, 2019 directed that all the Assessment Orders shall be passed by the National Faceless Assessment Centre (NaFAC) u/s 144B of the Act except as under:-

i. Assessment orders in cases assigned to Central Charges.

ii. Assessment orders in cases assigned to International Tax

In partial modification of the said Order, the CBDT has now provided one more exception as under:‑

iii. Assessment Orders in cases where pendency could not be created on ITBA because of technical reasons or cases not having a PAN, as the case may be.

• Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
• Mutual Funds to value physical Gold and Silver by using the polled spot prices
• SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
• Merely because sales were declared for only one month, same cannot be treated as bogus
• ITAT deleted addition as method of accounting had been accepted in earlier years