Section(s) Referred: s. 10(23G) ,r. 2E(7)
Statute: INCOME TAX
Date of Issue: 12/2/2001
It is notified for general information that 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 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 approved is—Upper Krishna Project of M/s Krishna Bhagya Jala Nigam Ltd., PWD Offices Annexure, 3rd Floor, K.R. Circle, Bangalore—560001 for executing Upper Krishna Irrigation Project.
[F. No. 205/67/98-ITA-II]