Notification No.24/2003 – Income Tax Dated 28/1/2003

Notification No :  24

Section(s) Referred  :  s. 10(23G)

Date of Issue :  28/1/2003

Notification No. 24 of 2003, dt 28th Jan., 2003.

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 2002-2003, 2003-2004 and 2004-2005.

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 Andhra Expressway Ltd., Punj Lloyd House, 17-18, Nehru Place, New Delhi-110019 for their project of strengthening of the existing 2 lanes from Km. 253/0 to Km. 300/0 and widening thereof to 4 lane dual carriageway on Dharmavaram-Tuni section on NH 5 in Andhra Pradesh on BOT basis.

[F.No. 205/15/2002/ITA.II]