CBDT LAYS OUT FIVE PARAMETERS FOR COMPULSORY SELECTION OF RETURNS UNDER FACELESS ASSESSMENT FOR FY 2020– THE ECONOMIC TIMES
The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for FY 2020-21.
The Board has clarified various situations and the parameters basis which the cases would be selected for scrutiny, and has specified when scrutiny shall be conducted by NeAC or transferred to Central charge.
The selection process has to be completed by the month end, field offices have been instructed in letter issued on Thursday. The Board has also laid out the guidelines for assessment proceedings in such cases.
The broad parameters include survey, search and seizure, cases where notice under Section 148 has been issued, cases relating to revocation of registration or approval by authorities under Sections 12A / 10(23C) and cases where notices under section 142(1) have been issued calling for return.
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