Assessment period extension alters tax exemption eligibility by lengthening qualifying years and removing elective selection options. Amendment increases the period for relevant assessment years under the tax exemption provision from five to ten consecutive assessment years, omits references to an eight-year window and the assessee's option of selection, removes the proviso to sub-section (3), and revises the Explanation to define 'relevant assessment years' as the ten consecutive assessment years referred to in sub-section (3).
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Assessment period extension alters tax exemption eligibility by lengthening qualifying years and removing elective selection options.
Amendment increases the period for relevant assessment years under the tax exemption provision from five to ten consecutive assessment years, omits references to an eight-year window and the assessee's option of selection, removes the proviso to sub-section (3), and revises the Explanation to define "relevant assessment years" as the ten consecutive assessment years referred to in sub-section (3).
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