Notification No. 25/2001, dated February 5, 2001, notifies that M/s Macronet Private Limited (now M/s Reliance Infocom Limited) has been approved by the Central Government for the purposes of Section 10(23G) of the Income Tax Act, 1961, read with Rule 2E of the Income Tax Rules, 1962. This approval applies to the assessment years 2001-2002, 2002-2003, and 2003-2004, and relates to the provision of internet services in India. The approval is contingent upon the company’s compliance with the provisions of Section 10(23G) and Rule 2E, including maintaining audited books of account. If the enterprise ceases operations in the infrastructure sector, fails to meet accounting requirements, or does not provide the required audit report, the Central Government may withdraw the approval. The enterprise operates under the license agreement No. 820-43/98-LT, dated November 9, 1998, with the Department of Telecommunication.
Notification: 25
Section(s) Referred: s. 10(23G) ,r. 2E(7)
Statute: INCOME TAX
Date of Issue: 5/2/2001
It is notified for general information that the enterprise 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 2001-2002, 2002-2003 and 2003-2004.
2. The approval is subject to the condition that :
(i) the enterprise 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 :
(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 approved is—Provision of Internet Service in India by M/s Macronet Private Limited (since changed to M/s Reliance Infocom Limited), 2nd Floor, Shree Ram Mill Premises, Ganpatrao Kadam Marg, Worli, Mumbai-400013, under the license agreement No. 820-43/98-LT dated 9th November, 1998, between President of India, acting through Assistant Director General (LR-I), Department of Telecommunication and M/s Sukhkarta Fintrade (P) Ltd.
[F. No. 205/77/2000-ITA-II]
