Notification No : 349
Date of Issue : 22/11/2002
Section(s) Referred : s. 10(23G)
Notification No. 349 of 2002, dt 22nd Nov., 2002
It is notified for general information that enterprise/industrial undertaking, listed at para (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 2002-2003, 2003 -2004 and 2004-2005.
2. The approval is subject to the condition that :
(i) the enterprise/industrial undertaking will conform to and comply with the provisions of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962;
(ii) the Central Government shall withdraw this approval if the enterprise/industrial undertaking :
(a) ceases to carry on infrastructure facility; or
(b) fails to maintain books of account and get such accounts audited by an accountant as required by sub-rule (7) of rule 2E of the Income-tax Rules, 1962; or
(c) fails to furnish the audit report as required by sub-rule (7) of rule 2E of the Income-tax Rules, 1962.
3. The enterprise/industrial undertaking approved is-M/s Spice Communication Limited, 13th Floor, Modicorp Tower, 98, Nehru Place, New Delhi-110019 (formerly M/s Modicom Network Ltd., Delhi) for their project of providing cellular services in the State of Punjab and Karnataka as per license agreement Nos. 842-65(B) 95-VAS (Punjab Circle) dated 9th September, 1996 and 842-53(A) 95-VAS (Karnataka Circle) dated 9th September, 1996.