Approved M/s Ashoka Highway Ad enterprises/ undertakings for the purpose of section 10(23G) - 010/2005 - Income Tax

Approved M/s Ashoka Highway Ad enterprises/ undertakings for the purpose of section 10(23G) Notification No. 10/2005, Dated 24-1-2005 It is notified for general information that the enterprises/undertakings, listed at para (3) below have 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 with effect from the Assessment Year 2002-03 to Assessment Years indicated in para 3 below i.e. upto the end of the periods specified in the agreements dt.29.11.2001 between the Govt. of Maharashtra, Ashoka Buildcon Pvt. Ltd and M/s Ashoka Highway Ad or earlier in the event of violation of the agreements 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 carry on the eligible business as defined 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 enterprises/undertakings approved are M/s Ashoka Highway Ad, 1/ 2, River View, Gharpure Ghat, Ashok Stambha, Nashik-422002 (Maharashtra) for their projects of construction of foot over-bridges across Eastern Express Highway in Mumbai on Build Operate Transfer (BOT) basis (with advertisement rights) at: (i) Tagore Nagar, Mumbai (Km 573/250) to Asstt. Year 2019-20 (upto 27.08.2018) (F.No.205/40/2002/ITAII) (ii) Godrej company (Km 575/00) to Asstt. Year 2017-18 (upto 27.08.2016) (F.No.205/47/2002/ITAII) (iii) Mental Hospital, Mumbai (Km 565/150) to Asstt. Year 2014-15 (upto 27.08.2013) (F.NO.205/50/2002/ITAII) (iv) Priyadarshini Circle, Mumbai to Asstt. Year 2013-14 (upto 27.08.2012) (F. NO 205/51/2002 - ITA-II). (v) Parvin Hotel, Mumbai (Km 573/580) to Asstt. Year 2018-19 (upto 27.08.2017) (F.NO.205/52/2002/IITAII) (vi) Louiswadi, Mumbai (Km 563/650) to Asstt. Year 2014-15 (upto 27.08.2013) (F.NO.205/53/2002/ITAII) All the agreements dt.29th November, 2001 for the projects as above are on Build, operate and Transfer (BOT) basis between the Government of Maharashtra, M/s Ashoka Buildcon Pvt Ltd and M/s Ashoka Highway Ad.(F.No.205/40/2002-ITAII) [F.No205/40/2002-ITAII]