Section 7 - Substitution of new section for section 158BG - Income Tax (Amendment) Act, 1997

7. Substitution of new section for section 158BG. For section 158BG of the Income-tax Act, the following section shall be substituted, namely: 158BG. Authority competent to make the block assessment The order of assessment for the block period shall be passed by an Assessing Officer not below the rank of an Assistant Commissioner or an Assistant Director, as the case may be: Provided that no such order shall be passed without the previous approval of (a) the Commissioner or Director, as the case may be, in respect of search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132A, after the 30th day of June, 1995 but before the 1st day of January, 1997; (b) the Deputy Commissioner or Deputy Director, as the case may be, in respect of search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132A, on or after the 1 st day of January, 1997. .