Section(s) Referred: s. 10(23G) ,r. 2E ,r. 2E(7)
Statute: INCOME TAX
Date of Issue: 1/11/1999
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 year 1999-2000.
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—Global Mobile Personal Communication by Satellite Service by M/s Iridium India Telecom Limited, 2nd floor, C/8, Street No. 22, Mumbai-400 093, under the provisional license agreement No 840-4/98-VAS/Vol. III, dated 28th October, 1998 between the President of India, acting through Director VAS-III, Department of Telecommunication and M/s Iridium India Telecom Ltd.
[F. No. 205/54/98-ITA-II]