Approved u/s. 10(23G) of the Income-tax Act, 1961 - Project of Nhava Sheva International Container Terminal Private Ltd., Mumbai - 057/2005 - Income Tax

Approved u/s. 10(23G) of the Income-tax Act, 1961 - Project of Nhava Sheva International Container Terminal Private Ltd., Mumbai NOTIFICATION NO. 57/2005, DATED 15-2-2005 It is notified for general information that approval to the enterprise/undertaking, listed at para (3) below has been renewed 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 2005-06 to Assessment Year 2028-2029 (upto 02.07.2027) i.e. end of period of 30 years as mentioned in the Licence Agreement dated 03.07.1997 entered into with the Board of Trustees of Jawaharlal Nehru Port Trust, Sheva, Navi Mumbai, or earlier in the event of violation of terms of the licence agreement as 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 IT. 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 Nhava Sheva International Container Terminal Private Ltd., Darabshaw House, Level 1, Narottam Morarji Marg, Ballard Estate, Mumbai-400038, for their project of development, operation, management and maintenance of a 600 Meters quay length container terminal at Jawahar Lal Nehru Port, Nhava Sheva, Navi Mumbai on Build, Operate and Transfer (BOT) basis under the Licence agreement dated 03.07.1997 between the Board of trustees of Jawaharlal Nehru Port Trust, Sheva, Navi Mumbai and M/s Nhava Sheva International Container Terminal Ltd. (F. No.205/53/2001- ITA-II (Vol.1) [F.No.205/53/2001-ITAII (Vol.1)]