Approval of M/s Nashik Infrastructure Developers Ltd u/s 10(23G) of the Income tax Act, 1961 - 012/2005 - Income Tax

Approval of M/s Nashik Infrastructure Developers Ltd u/s 10(23G) of the Income tax Act, 1961 Notification No. 12/2005, Dated 24-1-2005 It is notified for general information that the enterprise/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 with effect from the Asstt. Year 2001-02 to Asstt. Year 2013-14 (upto 28.08.2012) i.e. for a period of 14 years 1 month as per agreement dt.29.07.1998 between Maharashtra State Road Development Corporation Ltd and M/s Nashik Infrastructure Developers Pvt Ltd, or earlier, in the event of violation of the terms of the agreement 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 enterprise/undertaking approved is M/s Nashik Infrastructure Developers Ltd, Poddar House, Patil Lane No.3, College Road, Nashik-422005, Maharashtra for their project of construction of bypass road to Ahmednagar-Karmala-Tembhurni Road, State Highway 141, outside Karmala Town including Mangi Bridge and its approaches on Build, operate and transfer (BOT) basis as per agreement dt.29.07.1998 between Maharashtra State Road Development Corporation Ltd and M/s Nashik Infrastructure Developers Pvt Ltd (F. No 205/16/2002 -ITA-II). [F.NO.205/16/2002/ITA.II]