34[Power to withdraw approval.
293C. Where the Central Government or the Board or
an income-tax authority, who has been conferred upon the power under any
provision of this Act to grant any approval to any assessee, the Central
Government or the Board or such authority may, notwithstanding that a provision
to withdraw such approval has not been specifically provided for in such
provision, withdraw such approval at any time :
Provided that the Central Government or Board or income-tax authority shall,
after giving a reasonable opportunity of showing cause against the proposed
withdrawal to the assessee concerned, at anytime, withdraw the approval after
recording the reasons for doing so.]