Section 142B of Income Tax Act "Faceless inquiry or Valuation"
142B. (1) The Central Government may make a scheme, by
notification in the Official Gazette, for the purposes of
issuing notice under sub-section (1) or making inquiry
before assessment under sub-section (2), or directing the
assessee to get his accounts audited under sub-section (2A)
of section 142, or estimating the value of any asset,
property or investment by a Valuation Officer under section
142A, so as to impart greater efficiency, transparency and
accountability by-
(a) eliminating the interface between the income-tax
authority or Valuation Officer and the assessee or any
person to the extent technologically feasible;
(b) optimising utilisation of the resources through
economies of scale and functional specialisation;
(c) introducing a team-based issuance of notice or making of
enquiries or issuance of directions or valuation with
dynamic jurisdiction.
(2) The Central Government may, for the purpose of giving
effect to the scheme made under sub-section (1), by
notification in the Official Gazette, direct that any of the
provisions of this Act shall not apply or shall apply with
such exceptions, modifications and adaptations as may be
specified in the notification:
Provided that no direction shall be issued after the 31st
day of March, 2022.
(3) Every notification issued under sub-section (1) and
sub-section (2) shall, as soon as may be after the
notification is issued, be laid before each House of
Parliament.]
What is Disclosure of information respecting assessees? Section 138 of Income Tax Act 1961
What is Return of income? Section 139 of Income Tax Act 1961
What is Permanent account number? Section 139A of Income Tax Act 1961
Section 142B Faceless inquiry or Valuation
What is Assessment? What is Best judgment assessment? Section 143 and 144 of Income Tax Act 1961
What is Reference to dispute resolution panel? Section 144C of Income Tax Act 1961