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2008 (1) TMI 338 - HC - Income TaxExplanation 2 to Section 158BE inserted w.e.f. July 1, 1995 – Block assessment – since the assets had been received by the concerned officer on June 5, 1997, the period of one year had to be computed from that date – assessment order had been passed on November 13, 1997, which was clearly within the period of one year – likewise, at that time Dt. CIT was the competent authority to grant previous consent for the assessment u/s 158BG, as it then existed – assessment order was valid
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