Approved Global Mobile Personal Communication by Satellite Service in India by Shyam Aces (India) Pvt. Ltd., New Delhi u/s 10(23G) - S.O.1886 - Income Tax

Approved Global Mobile Personal Communication by Satellite Service in India by Shyam Aces (India) Pvt. Ltd., New Delhi u/s 10(23G) NOTIFICATION NO. S.O.1886 DATED 18-6-2001 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]