NOTIFICATION NO. 22/2005, DATED 2-2-2005
It is notified for general information that approval to the enterprise/undertaking, listed at para (3) below has been renewed 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 with effect from the Assessment Year 2005-06 to Assessment Year 2020-2021 (upto 08.11.2019) i.e. for a period of 17 years 6 months as speicified in the concession agreement dt. 09.10.2001 entered into with the National Highway Authority of India, or earlier, in the event of violation of the terms of the agreement aforesaid.
2. The approval is subject to the conditions that –
(i) the enterprise/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/undertaking:-
(a) ceases to carry on the eligible business as defined in Explanation (b) to Rule 2E of I.T. Rules, 1962; or
(b) 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; or
(c) fails to furnish the audit report as required by sub-rule (6) of rule 2E of the Income-tax Rules, 1962.
(iii) the enterprise mentioned in Para 3 below starts operating and maintaining the infrastructure facility after developing it in terms of Section 80IA(4)(i)( c) of the Income-tax Act, 1961 and in accordance with the concession agreement dated 09.10.2001 entered into with the National Highway Authority of India, failing which the approval shall be withdrawn.
3. The enterprise/undertaking approved is –
M/s GMR Tuni Anakapalli Expressways Pvt Ltd, 6-3-866/1/G2, Greenlands, Begumpet, Hyderabad-500016, for their project of strengthening of the existing 2 lanes of national highway from Km. 300/0 to Km. 359/20 and widening thereof to 4 lanes dual carriageway in Tuni-AnakapalK section on NH-5 in the state of Andhra Pradesh on Build, Operate and Transfer (BOT) basis as per concession agreement dated 09.10.2001 entered into with the National Highways Authority of India. (F. No 205/60/2001 – ITA-II)(Vol.1)