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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
