Section 50C "Assessable" Term Not Retroactive; Inapplicable for Assessment Year 2007-08 per Finance Act 2009.

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....Addition u/s 50C - reference to DVO - Word “assessable” has been incorporated only w.e.f. 1.10.2009 (Finance Act 2009 w.e.f. 1.10.2009). The same cannot be made operative for earlier Assessment Years i.e. AY 2007-08 in hand. - AT....