Limitation period computation excludes periods of court stay and intervals from audit direction to audit report submission.

Amendment inserts an Explanation to section 158BE (deemed effective from 1 July 1995) excluding from limitation calculation: (i) the period during which the assessment proceeding is stayed by a court order or injunction, and (ii) the period from the day the Assessing Officer directs the assessee to obtain an accounts audit under the statutory audit-direction to the day the assessee is required to furnish the audit report.

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