Procedure for approval

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.... of July of the previous year relevant to the assessment year for which the approval is sought, to the Commissioner of Income-tax or the Director of Income-tax, as the case may be, having jurisdiction over the applicant; (b)  the applicant shall also send a copy of the application to the Member (Income-tax), Central Board of Direct Taxes accompanied by the acknowledgement receipt evi....

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....pplicant fails to remove the defect within the period so allowed, the Commissioner of Income-tax or the Director of Income-tax, as the case may be, shall send his recommendation to the Member (Income-tax), Central Board of Direct Taxes for treating the application as invalid; (f) the Central Board of Direct Taxes, if satisfied, may pass an order treating the application as invalid; ....

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....iry conducted, if any, grant approval to the electoral trust or reject the application; (j) the Central Board of Direct Taxes may also impose any conditions, subject to which the approval shall be valid; (k) no order treating the application as invalid or rejecting the application or withdrawing the approval shall be passed by the Central Board of Direct Taxes without g....

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....g the approval shall be sent to the applicant, the Assessing Officer and the Commissioner of Income-tax or the Director of Income-tax, as the case may be; (o) the approval shall be valid for the assessment year relevant to the financial year in which such application has been made and for a further period, not exceeding three assessment years, as may be specified in such approval. (2) ....