Section(s) Referred: s. 10(23G) ,r. 2E(7)
Statute: INCOME TAX
Date of Issue: 5/2/2001
It is notified for general information that the enterprise, 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 2001-2002, 2002-2003 and 2003-2004.
2. The approval is subject to the condition that—
(i) the enterprise 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 :
(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 approved is-Provision of Internet Service in India by Macronet Private Ltd. (since changed to Reliance Infocom Ltd.), 2nd Floor, Shree Ram Mill Premises, Ganpatrao Kadam Marg, Worli, Mumbai-400 013, under the License Agreement No. 820-43/98-LR, dated 9-11-1998, between President of India, acting through Assistant Director-General (LRI), Department of Telecommunication and Sukhkarta Fintrade (P.) Ltd..
[Notification No. 25/2001/F. No. 205/77/2000-ITA-II]