Section 527 — Power to Withdraw Approval | ITA 2025

Section 527 of the Income-tax Act, 2025 corresponds to s. 293 A / 293B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE CG may, after recording reasons, withdraw any approval / exemption granted under Act. Hearing required.…

Section 527 — - POWER TO WITHDRAW APPROVAL

Section 527 of the Income-tax Act, 2025 corresponds to s. 293A / 293B of the Income-tax Act, 1961.

Statutory text — Income-tax Act, 2025

(1) If the Central Government is satisfied that it is necessary or expedient in t he public interest, it may, by notification, make an exemption, reduction in rate, or other modification of income-tax for any class of persons specified in sub-section (2) or in regard to the whole or any part of the income of such class of persons or the status in which such class of persons or the members thereof are to be assessed on their income from the business referred to in sub-section (2)(a), effective from tax year beginning on or after 1st April, 1992.

(2) The persons referred to in sub-section (1) shall be the following:—

(a) persons with whom the Central Government has entered into agreements for the association or participation of that Government, or any person authorised by that Government in any business of prospecting for or extraction or production of mineral oils;

(b) persons providing any services or facilities or supplying any ship, aircraft, machinery or plant (whether by sale or hire) for any business consisting of the prospecting for or extraction or production of mineral oils carried on by that Government, or any person specified by that Government by notification; and

(c) employees of the persons referred to in clause (a) or (b).

(3) Every notification issued under this section shall be laid before each House of Parliament.

(4) For the purposes this section,—

(a) “mineral oil” includes petroleum and natural gas;

(b) “status” means the category of person as defined in section 2(77) under which the assessee is assessed. Power of Central Government or Board to condone delays in obtaining approval.

STATUTORY ARCHITECTURE

CG may, after recording reasons, withdraw any approval / exemption granted under Act. Hearing required.

PRACTITIONER PLANNING NOTES

Common: 80G / 12A / 10(23C) approvals withdrawn for non-compliance; 6-year retroactive effect possible.

CROSS-REFERENCES

s. 533 [295] -- Rules.
s. 535 [298] -- Removal of difficulty.
s. 536 [Repeal] -- Saving clause.

← All sections (537)Act 2025 hub

INCOME-TAX ACT, 2025	INCOME-TAX ACT, 1961
2025 provision	1961 counterpart
s. 527 -- Power to Withdraw Approval	s. 293A / 293B