Rescission of tax exemptions: Central government may revoke or modify previously granted income-tax relief in specified territories.

Power to rescind previously granted tax relief is vested in the Central Government, which may, by general or special order, revoke or modify an exemption, a reduction in rate, or other adjustment relating to income-tax or super-tax granted under section 294A of the Income-tax Act, 1961, in favour of any assessee or class and in respect of the whole or any part of the income; Clause 531 concerns such rescission for certain Union territories.

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