Clause 78 - Insertion of new section 293C - Finance (No. 2) Bill, 2009

Insertion of new section 293C. 78. After section 293B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2009, namely :— Power to withdraw approval. "293C. 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.".