(1) Where it appears from any proceedings taken under this Act that an approved tax exempted entity has failed to comply with any of the conditions set out in this Chapter, the Deputy Commissioner of taxes shall not grant the exemption benefit to the approved tax exempted entity and can determine the tax payable for the said entity in the regular manner and rate in the said income year.

(2) The entity benefited from the approved tax holiday may submit a application to the Board within 1 (one) year from the date of approval of the said order against the cancellation of such benefit and if such application is received, the Board may issue any appropriate order in its consideration.

(3) Notwithstanding anything contained in this Chapter, the Board may, in the public interest, wholly cancel or suspend any exemption granted under this section by notification in the Official Gazette.