Utilization of information in the Annual Information Returns (AIRs) | Income tax noice based on your transaction

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Utilization of information in the Annual Information Returns (AIRs)

AIR information where PAN of the transacting party is available and return is filed:

(a) The AIR data with PAN has been or shall be placed on the NCC by the DIT (Systems) and has been or shall be used under regular cycles of CASS as per CASS instructions issued by the Directorate of Income-tax (Systems).
(b) Depending upon feedback on scrutiny assessment in a case for a particular assessment year, the Assessing Officers may resort to proceedings u/s 148 for earlier assessment years in that case on the basis of AIR information available, if any, if they have reasons to believe that income has escaped assessment.
(c) After issuance of notice u/s 143(2)/148, as the case may be, the Assessing Officers shall forward a
list of such cases, along with value of criterion, to their Range Addl./Joint Commissioner for the
purpose of monitoring.

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1 Comment

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