Notification No : 266
Section(s) Referred : Section 10
Date of Issue : 20/10/2004
Notification No. 266 of 2004, dt. 20th Oct., 2004
Income Tax Notification No: 266 (20-Oct-04) Renewal of the Approval of M/s Lanco Kondapalli Power Priavate Limited u/s. 10(23G)
It is notified for general information that the 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 2016-2017 (upto 24.10.2015} i.e. End of period of 15 years as specified in the agreement dated 31.03.1997 entered into with the Andhra Pradesh State Electricity Board 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 cany on the eligible business as denned 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.
3. The enterprise/undertaking approved is –
M/s Lanco Kondapalli Power Priavate Limited (formerly M/s Lanco Kondapalli Power Limited), “Lanco House” 141, Avenue#8, Banjara Hills, Hyderabad-500034 for their 335 MW Liquid Fuel based Power Generation Project at Kondapalli, IDA, Krishna Distt. (AP).