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<h1>Income Tax Act Amendment Redefines Assessing Officer Jurisdiction, Streamlines Tax Assessment Procedures Under Section 124</h1> The amendment replaces section 124 of the Income-tax Act, defining the jurisdiction of Assessing Officers. It establishes criteria for jurisdiction based on business location or residential area, provides a mechanism for resolving jurisdictional disputes through higher authorities, and limits challenges to an Assessing Officer's jurisdiction after specific procedural milestones. The provision ensures comprehensive tax assessment coverage and clarity in administrative processes.