Lawstreet Journal

CBDT Notifies Introduction of Artificial Intelligence For Assessment Proceedings U/S 142 Of Income Tax Act, 1961 [Read Notification]

Lawstreet Journal 3 Apr 2022 6:16am

Image courtesy: Lawstreet Journal Executive CBDT Notifies Introduction of Artificial Intelligence For Assessment Proceedings U/S 142 Of Income Tax Act, 1961 [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified the Faceless Inquiry or Valuation Scheme, 2022 in order to introduce the Artificial Intelligence for Assessment Proceedings under section 142 of the Income Tax Act, 1961[1].

As per the scheme under section 2 of Faceless Enquiry or Valuation Scheme 2022 several definitions have been given. 

2. Definitions.––(1) In this Scheme, unless the context otherwise requires, 

(a) “Act” means the Income-tax Act, 1961 (43 of 1961); 

(b) “automated allocation” means an algorithm for randomised allocation of cases, by using suitable technological tools, including artificial intelligence and machine learning, with a view to optimise the use of resources.

 (2) Words and expressions used herein and not defined, but defined in the Act, shall have the meaning respectively assigned to them in the Act.

The Faceless Inquiry or Valuation Scheme, 2022, covers the following: 

  • Issuance of notice under section 142(1) of the Income Tax Act;
  • Making inquiry before assessment under section 142(2) of the Income Tax Act;
  • Directing the assessee to have his accounts audited under section 142(2) of the Act; and
  • A Valuation officer estimating the value of any asset, property, or investment under section 142A of the Income Tax Act.[2]

The issuance of a notice, inquiry, or direction to an assessee to have his or her accounts audited shall be done in a faceless manner, via automated allocation  in accordance with and to the extent provided in section 144B of the Income Tax Act with regard to making a… Continue Reading...


Tagged: Income Tax   Income Tax Appellate Tribunal  
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