§529
Section 529 — Power to withdraw approval
In plain terms: This section lets the authority that granted an approval under the Act withdraw the approval, as the section provides.
Where the Central Government or the Board or an income-tax authority, has the power to grant any approval under any provision of this Act to any assessee, the Central Government or the Board or such income-tax authority may, withdraw such approval at any time after recording the reasons therefor, even if such provision does not specifically allow for its withdrawal, after giving such assessee a reasonable opportunity of being heard.