Amended and updated notes on section 293B of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Power of Central Government or Board to condone delays in obtaining approval.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 293B of IT Act 1961 provides for Power of Central Government or Board to condone delays in obtaining approval.
Recently, we have discussed in detail section 293A (power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils) of IT Act 1961. Today, we learn the provisions of section 293B of Income-tax Act 1961. The amended provision of section 293B is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 293B of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-293B: Power of Central Government or Board to condone delays in obtaining approval
Where, under any provision of this Act, the approval of the Central Government or the Board is required to be obtained before a specified date, it shall be open to the Central Government or, as the case may be, the Board to condone, for sufficient cause, any delay in obtaining such approval.