ITR-V stands for 'Income Tax Return - Verification' form.

• Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.

• On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.

ITR V is only acknowledgement on filing income tax return.

It need to be signed and signed to Income tax department.

On successful receipt of ITR V, Income tax department process the return and determine the refund payable.

If any refund is due then they send the refund to tax Assessee.

Source:

http://taxgyan.in/how-to-e-file-income-tax-return-with-taxgyan-in-faqs/