Section 531 — Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961
Old Act equivalent: Section 294A of IT Act 1961 Sub-part: Chapter XXIII—Miscellaneous
Statutory Text
- Where the Central Government considers it necessary or expedient so to do may, by general or special order, rescind an exemption, reduction in rate or other modification in respect of income-tax or super-tax in favour of any assessee or class of assessees or in regard to the whole or any part of the income of any assessee or class of assessees, made as per the provisions of section 294A of the Income-tax Act, 1961 (43 of 1961). Power to frame schemes.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Central Government; assessees in specified Union territories.
- Conditions: Power to rescind exemptions granted under old s.294A of IT Act 1961.
- Time limits: None.
- Monetary limits: None.
- Exceptions: None.
Cross-References
- Section 294
Amendment Notes
None noted from the extracted pages.