Faceless inquiry or Valuation – Section 142B - Income Tax - Ready Reckoner - Income Tax

Faceless inquiry or Valuation Section 142B (1) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of: issuing notice under section 142B(1) or making inquiry before assessment under section 142B(2) , or directing the assessee to get his accounts audited under section 142(2A) , 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 u/s 142B(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: However, no direction shall be issued after the 31st day of March, 2022. (3) Every notification issued u/s 142B(1) and 142B(2) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.