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TMI BlogGuidelines for AOs for initiating proceedings u/s 147 of I.T. Act, 1961 in e-Verification casesX X X X Extracts X X X X X X X X Extracts X X X X ..... Guidelines for AOs for initiating proceedings u/s 147 of I.T. Act, 1961 in e-Verification cases - By: - Vivek Jalan - Income Tax - Dated:- 20-4-2024 - The Directorate of Income Tax (Systems) has issued e-Verification Instruction No. 2 (i) of 2024, guiding Assessing Officers (AOs) on initiating proceedings under section 147 of the Income Tax Act, 1961 , specifically in e-Verification cases. This i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstruction pertains to initiating proceedings under section 147 of the Income Tax Act, 1961 , in cases related to e-Verification. AOs are mandated to adhere to the guidelines outlined in the instruction, signaling a proactive approach in handling e-Verification cases. Vide e-Verification Instruction No. 2 of 2024 circulated vide F. No.: CIT(eVerification)/2023-24/FVR/Instr./ dated March 01, 2024 , ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was laid down that certain High-Risk Cases have been identified under e-Verification Scheme-2021 for reopening of assessment u/s 147 of the Act and the respective AOs were advised to invoke the provisions of section 147 of the Income Tax Act and issue Notice u/s 148 of the Act in such e-Verification cases accordingly. In this regard, the AOs were facing problem in viewing the FVR relating to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he cases to ascertainthe quantum of Income Escapement amount/ Value at Risk. Now, the CBDT has laid down that for Non-updated ITR cases, Value at Risk in Final Verification Report (FVR) is the same as Income Escapement amount as estimated by the Prescribed Authorities in the Preliminary Verification Report (PVR). However, in Updated ITR cases, the Value at Risk in FVR is the amount of Income Escap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement amount as determined by the Prescribed Authorities in the PVR as reduced by any additional income shown by the assessee in Updated ITR u/s 139(8A) of the Act i.e. (Value at Risk = (Income Escapement amount determined by the PA inthe PVR Additional income shown by the assessee in Updated ITR)}. Further, the additional income shown by the assessee in Updated ITR u/s 139(8A) of the Act is the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of Gross Total Income shown in Updated ITR as reduced by Gross Total Income shown in Original ITR i.e. (Additional income = GTI as per Updated ITR GTI asper original ITR). - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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