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78. Insertion of new section 293C |
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After section 293B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2009, namely:—
"293C. Power to withdraw approval.—Where an income-tax authority, who has been conferred upon the power under any provision of this Act to grant any approval to any assessee, such authority may, notwithstanding that a provision to withdraw such approval has not been specifically provided for in such provision, withdraw such approval at any time:
Provided that the income-tax authority shall, after giving a reasonable opportunity of showing cause against the proposed withdrawal to the assessee concerned, at any time, withdraw the approval after recording the reasons for doing so.".
Clause 78 of the Bill seeks to insert new section 293C in the Income-tax Act, relating to power to withdraw the approval.
It is proposed to insert a new section 293C in the Income-tax Act so as to provide that the income-tax authority, who has been conferred upon the power under any provision of this Act to grant any approval to any assessee, may withdraw such approval at any time, although such provision to withdraw such approval has not been specifically, provided for in such provision.
However, the income-tax authority shall give a reasonable opportunity of showing cause against the proposed withdrawal to the concerned assessee, and thereafter withdraw the approval and record the reasons for doing so.
This amendment will take effect from 1st October, 2009.
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