Section 529 — Power to withdraw approval

Old Act equivalent: Section 293D (new provision) of IT Act 1961 Sub-part: Chapter XXIII—Miscellaneous

Statutory Text

Where the Central Government or the Board or an income-tax authority, has the power to grant any approval under any provision of this Act to any assessee, the Central Government or the Board or such income-tax authority may, withdraw such approval at any time after recording the reasons therefor, even if such provision does not specifically allow for its withdrawal, after giving such assessee a reasonable opportunity of being heard. Act to have effect pending legislative provision for charge of tax.

None.

None.

None.

Applies to: Approvals granted under the Act.
Conditions: Authority that granted approval may withdraw it for prescribed reasons.
Time limits: None.
Monetary limits: None.
Exceptions: Opportunity of being heard before withdrawal.