What is Power to withdraw approval? What is the meaning Act to have effect pending legislative provision for charge of tax? Section 293c and 294 of Income Tax Act 1961

Power to withdraw approval and Act to have effect pending legislative provision for charge of tax are defined under section 293c and 294 of Income Tax Act 1961. Provisions under these Sections are:

Section 293c of Income Tax Act "Power to withdraw approval"

Section 293C. Where the Central Government or the Board or an income- tax authority, who has been conferred upon the power under any provision of this Act to grant any approval to any assessee, the Central Government or the Board or 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 Central Government or Board or 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.

 

Section 294 of Income Tax Act "Power to withdraw approval"

Section 294. If on the 1st day of April in any assessment year provision has not yet been made by a Central Act for the charging of income-tax for that assessment year, this Act shall nevertheless have effect until such provision is so made as if the provision in force in the preceding assessment year or the provision proposed in the Bill then before Parliament, whichever is more favourable to the assessee, were actually in force.

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