Instructions under section 119 of the Income-tax Act, 1961 regarding uploading of information on the VRU functionality on Insight portal for implementation of risk management strategy - for issue of notice u/s 148 of the Income-tax Act, 1961.

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..... Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated 10 December, 2021 To, All Principal Chief Commissioners of Income Tax, All Chief Commissioners of Income Tax Madam/Sir, Instructions under section 119 of the Income-tax Act, 1961 regarding uploading of information on the VRU functionality on Insight .....

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..... Assessment Year 2015-16 and Assessment Year 2018-19, which may require action under section 148 of the Act, for uploading on the Verification Report Upload (VRU) functionality on Insight portal: (i) Information from any other Government Agency/Law Enforcement Agency (ii) Information arising out of Internal Audit objection, which requires action u/s 148 of the Act (iii) Information rec .....

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..... has become final as no further appeal has been filed against the assessment order; or 2. has been confirmed at any stage of appellate process in favor of revenue and assessee has not filed further appeal; or 3. has been confirmed at the l' stage of appeal in favor of revenue or subsequently; even if further appeal of assessee is pending, against such order. 5. As per the provisions of .....

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..... section 149 of the Act, the term asset shall include immovable property, being land or building or both, shares and securities, loans and advances, deposits in bank account. 5.1. In view of the above, it is directed that the information pertaining to Assessment Year 2015-16, which requires action u/s 148 of the Act shall be identified and uploaded on the VRU functionality on insight portal .....

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