Section-529: Power to withdraw approval

Section-529 : Power to withdraw approval

Section-529 seeks to specify for withdrawal of approval where Central Government or Board have the power to grant any such approval. Learn to understand the section-529 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-529 as per act

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.