Notification No. 355/2002-Income Tax Dated 29/11/2002

Notification No. : 355

Date of Issue  : 29/11/2002

Section(s) Referred  :  s. 10(23G)

Notification No. 355 of 2002, dt 29th 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 2001-2002, 2002-2003 and 2003-2004.

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 Ideal Road Builders Ltd., 506, Datta Shram, Hindu Colony, Lane No. 1, Dadar, Mumbai-400014 for their project for Improvement and Maintenance of Thane Bhiwandi Bypass including widening of existing 2 lane road to 4 lane road and construction of new 2 lane Bridge on Kasheli Creek in Thane District, as per Maharashtra Agreement dated 21st September, 1998 and Construction of Additional Two lanes with Tunnel including strengthening existing weak two lane stretch on NH-4 from Km. 773/0 to Km 781/0 in Khambatki Ghat between Pune and Satara as per Agreement with GOI & GOM dated 16th November, 1998.

F.No.205/44/1998-ITA-II]