Instructions to the AO’s for initiating proceedings u/s 147 of I.T. Act, 1961 in e- Verification cases

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....e, E-2 Ground Floor Extension, Jhandewalan, New Delhi-110055 F. No.: CIT(e-Verification)/2023-24/FVR/Instr./ Date:  19.03.2024 To, All Pr. Chief Commissioner(s)/Pr. Director General(s) of Income Tax All Chief Commissioner(s)/Director General(s) of Income Tax All Commissioner(s)/Pr. Director(s) of Income Tax All Commissioner(s)/Director(s) of Income Tax Sir/ Madam, S....

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....rt (FVR) by the CIT, e-Verification, as mentioned in the aforesaid Instruction. It has been conveyed that the AOs are facing problem in viewing the FVR relating to the cases to ascertain the quantum of Income Escapement amount/ Value at Risk. 4. View of all proceedings carried out by the Prescribed Authorities and documents submitted by the taxpayer during the e-Verification has been provided u....

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.... For Non-updated ITR cases, Value at Risk in 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 Escapement amount as determined by the Prescribed Authorities in the PVR as reduced by any additional income shown by the assessee in Updated....