(1) A business entity shall submit an application in the manner prescribed by the Board within the month of commencement of its commercial activities for obtaining tax holiday benefits.  

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

(3) If the Board fails to give a decision within the period mentioned in sub-section (2), the application for tax holiday shall be deemed to have been provisionally granted and the business entity shall be deemed to be a tax holiday entity until the Board gives a decision in the matter.

(4) The Board shall not reject 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 apply to the Board within 4 (four) months of receipt of the decision and the Board may reconsider the previous order and may issue an appropriate order as it consider fit and   proper.  

(6) Without prejudice to the provisions of sub-section (1), the Board may grant 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   exempted entities.