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Notification: S.O.1886
Section(s) Referred: s. 10(23g)
Statute: INCOME TAX
Date of Issue: 18/6/2001
Notification No. S.O. 1886, dated 18th July, 2001.
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 2001-2002 and 2002-2003.
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.
(d) fails to sign the licence agreement with the Department of Telecommunication.
3. The enterprise/industrial undertaking approved is Global Mobile Personal Communication by Satellite Service in India by Shyam Aces (India) Pvt. Ltd., A-60, Naraina Industrial Area Phase I, New Delhi-110 028, under letter of Intent No. 800-54/2000-VAS, dated 19-1-2001.
[Notification No. 215/2001/F. No. 205/12/2001-ITA-II]
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