Power to rescind tax exemptions: Central Government may revoke previously granted exemptions for certain Union territories.

The Central Government is empowered to rescind, by general or special order, any exemption, reduction in rate or other modification in respect of income-tax or super-tax previously granted under the prior provision, in favour of any assessee or class of assessees or in regard to the whole or any part of the income of any assessee or class of assessees.

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