CBDT issues instructions to AO for uploading info. on Insight portal for issuance of reassessment notice
- Blog|News|Income Tax|
- 2 Min Read
- By Taxmann
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- Last Updated on 17 December, 2021
Instruction F.No. 225/135/2021/ITA-II, dated 10-12-2021
The Finance Act, 2021, has amended section 148 for the initiation of reassessment proceedings. As per the amended provisions, the information which has escaped assessment has been defined to include the two categories of information, i.e.,
(i) The information which is flagged in accordance with the risk management strategy formulated by the board; and
(ii) Final audit objections raised by the C&AG.
In order to implement risk management strategy, the Central Board of Direct Taxes (CBDT) has directed that the Assessing Officers (AOs) shall identify the following information for uploading on Verification Report Upload (VRU) functionality on insight portal:
(a) Information from any other Govt. agency/law enforcement agency
(b) Information arising out of internal Audit objections
(c) Information received from any Income-tax Authority including the AO himself
(d) Information arising out of search or survey action
(e) Information arising out of FT&TR references
(f) Information arising out of any order of court has an impact on income of assessee or any other assessee
(g) Case involving additions on a recurring issue of law or fact:
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- Exceeding Rs. 25 lakhs in eight metro cities while at other charges, quantum of addition should exceed Rs. 10 lakhs;
- Exceeding Rs. 10 crores in transfer pricing cases.
However the addition referred in point (g) shall be such addition which:
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- Has become final as no further appeal has been filed against the assessment order; or
- Has been confirmed at any stage of appellate process in favour of revenue and assessee has not filed further appeal; or
- Has been confirmed at the 1st stage of appeal in favour of revenue or subsequently; even if further appeal of assessee is pending against such order.
The AO shall upload information pertaining to Assessment Year 2015-16 and Assessment Year 2018-19, which require action under section 148.
Click Here To Read The Full Notification
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