Section(s) Referred: s. 10(23G) ,r. 2E ,r. 2E(7)
Statute: INCOME TAX
Date of Issue: 29/11/1999
It is notified for general information that enterprises/industrial undertakings, listed at para (3) below have 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 1999-2000, 2000-2001 and 2001-2002.
(i) the enterprises/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 enterprises/industrial undertakings approved are
(i) Bhadra Right Bank Canal Power House (1 x 6MW), Sharavathi (Gerusoppa) Tail Race Project (4 x 60MW) and Kodasalli Dam Power House (3 x OMW) of M/s Karnataka Power Corporation Ltd., Shakti Bhawan, No. 82, Race Course Road, Bangalore-560001. (F. No. 205/7/98-ITA-II)
(ii) Cellullar Mobile Telephone Service in Delhi of M/s Sterliing Cellular Limited, C-48, Okhla Industrial Area, Phase-II, New Delhi-110020, under the license agreement No. 842-22/93-TM, dated 30th November, 1994 between President of India, acting through Director (TM-1), Department of Telecommunication and M/s Sterling Cellular Limited. (F. No. 205/15/98-ITA-II)