Faceless Penalty Scheme 2021 -Exception where few provisions of the Income Tax Act not applicable to the Scheme
For the purposes of giving effect to the Faceless Penalty Scheme 2021 (the Scheme) the CBDT vide Notification No. 03/2021 has made several directions.
It has been provided that the provisions of section 2, section 120, section 127, section 129, section 131, section 133, section 133C, section 136 and Chapter XXI of the said Act shall apply to the procedure for imposing penalty in accordance with the Scheme subject to exceptions, modifications and adaptations provided in the directions.
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- PCIT has revisionary jurisdiction u/s 263 over the cases passed by the NFAC or the JAO
- Appellate court interfering with MACT finding must undertake reappreciation of evidence
- When delay is not huge & involves huge monetary liability, lenient approach to be taken
- EoGM of company can not ratify diversion of fund raised by preferential issue – SC
