Notification No. 158/2005, Dated 31-5-2005
1. No………It is notified for general information that the enterprise/undertaking, Swarna Tollway Private Limited, Regd. Office, Plot No. 85, Road No. 72, Prashasan Nagar, Jubilee Hills, Hyderabad-500034for their following projects:
(a) widening and rehabilitation of the existing 2-Lane Highway into four lane from Km.52.8 to Km.163.6 on the Tada-Nellore section of the National Highway No. 5 in Andhra Pradesh and
(b) widening and rehabilitation of the existing 2-Lane Highway into four lane from Km.217 to Km.252 on the Nandigama-lbrahimpatnam section of the National Highway No. 9 in Andhra Pradesh on build, operate, transfer (BOT) basis as per concession agreement dated 27-3-2001 and assignment agreement dated 29.6.2001 entered into with the National Highway Authority of India, 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 period of 30 years from 20-3-2002 to 19.3.2032 as specified in the agreement dated 27.3.2001, or earlier in the event of violation of the terms of the aforesaid agreement.
2. The Central Government shall withdraw this approval if the enterprise/undertaking:
(a) ceases to 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;
(b) ceases to carry on the eligible business as defined in Explanation (b) to Rule 2E of IT. Rules, 1962;
(c) fails to maintain books of account and get such accounts audited by an accountant as required by sub-rule (6) of rule 2E of the Income-tax Rules, 1962;
(d) fails to furnish the audit report as required by sub-rule (6) of rule 2E of the Income-tax Rules, 1962.
[F. No. 205/39/2002/ITA-II]
