New Rule Cuts Time for Fresh Tax Assessments from One Year to Nine Months; Aims to Expedite Process.

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....Substitution of new section for section 153- Time limit for completion of assessment, reassessment and recomputation. - the period for completion of fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment be changed from existing one year to nine months from the end of the financial year in which the order under section 254 is received....