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of <h1>New Guidance for Assessing Officers on Section 147 Proceedings for High-Risk Cases under e-Verification Scheme 2021.</h1> The circular provides instructions to Assessing Officers (AOs) for initiating proceedings under Section 147 of the Income Tax Act, 1961, in cases identified as high-risk under the e-Verification Scheme 2021. It outlines the procedure for accessing the Final Verification Report (FVR) and determining the quantum of Income Escapement or Value at Risk. The circular distinguishes between non-updated and updated Income Tax Return (ITR) cases, detailing how the Value at Risk is calculated. AOs are advised to issue notices under Section 148 accordingly, and guidance is available on the Insight Portal for further assistance.
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