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

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....-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, Sub: Instructions to the AO's for initiating proceedings u/s 147 of I.T. Act, ....

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....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 under e-Verification module in Insight portal. The user may navigate the path Insight ....

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....he 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 ITR u/s 139(8A) of the Act i.e. {Value at Risk = (Income Escapement amount determined by the PA in the PVR - Additional income shown by ....