NOTIFICATION NO. 136/2005, DATED 29-4-2005

It is notified for general information that the enterprise/undertaking, Krishna Bhagya Jala Nigam Ltd, PWD Offices Annexe, 3rd Floor, K.R. Circle, Bangalore-560001, 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 execution of Irrigation Projects on Krishna River (Upper Krishna Project) in the State of Karnataka, for the period of 3 years from 01.04.2004 to 31.03.2007.

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.

  (e)  fails to start operating and maintaining the infrastructure facility after developing it in terms of Section 80IA(4)(i)( c) of the Income-tax Act, 1961.

 

[F.No.205/67/98/ITA-II)(Vol.III)]

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