(1) A business entity shall submit an application, in the manner prescribed by the Board, ¹[within the period not exceeding 6 (six) months] of commencement of its commercial operation for getting the benefit of tax holiday.

(2) The Board shall, by order in writing, give a decision on the application filed under sub-section (1) within 60 (sixty) days from the date of receipt of the application.

(3) If the Board fails to give a decision within the period mentioned in subsection (2), the application for obtaining tax holiday shall be deemed to be provisionally approved and, until the Board gives a decision in the matter, the business entity shall be treated as a tax holiday entity.

(4) The Board shall not cancel any application without giving the applicant a reasonable opportunity of being heard.

(5) If any applicant is aggrieved by the decision given by the Board under sub-section (3), the said applicant may appeal to the Board within 4 (four) months of the receipt of the decision and the Board may reconsider the previous order and issue such as it may deem fit.

(6) Without prejudice to the provisions of sub-section (1), the Board may approve and review approvals under this section or make rules on any matter as it thinks fit for the purpose of ensuring tax compliance of tax holiday entities.