Approval of M/s Hutchison, Telecom East Limited (Formerly M/s Usha Martin Telekom Limited) u/s 10(23G) of the Income tax Act, 1961 - 079/2005 - Income Tax

Approval of M/s Hutchison, Telecom East Limited (Formerly M/s Usha Martin Telekom Limited) u/s 10(23G) of the Income tax Act, 1961 NOTIFICATION NO. 79/2005, DATED 17-3-2005 It is notified for general information that the approval to the enterprise, 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 Asstt. Year 2002-2003 to the Asstt. Year 2015-16 (upto 29.11.2014) i.e. upto the end of period of 20 years as mentioned in Licence agreement No.842-23/93-TM dated 30.11.1994 between the President of India acting through Director, Department of Telecommunications and M/s Usha Martin Telekom Ltd. as amended by the Ministry of Communications, Department of Telecommunications (VAS CELL) letter F.No. 842-47/2000-VAS/Vol.IV/ Amendment I dated 11.04.2002, 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 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. iii ) The investment made by way of shares or long term finance in the enterprise mentioned at Para 3 below should be in accordance with provision of Section 10(23G) of the Income tax Act, 1961 and this notification is not valid for any investment made by way of shares or long term finance before 1.06.1998 which shall be governed by explanation to Section 10(23G) of the Income tax Act, 1961. 3. The enterprise/undertaking approved is M/s Hutchison, Telecom East Limited (Formerly M/s Usha Martin Telekom Limited), 11, Dr. U.N. Brahmachari Street, Kolkata-700017 for their project of providing Cellular Mobile Telephone Service in Local Area served by Kolkata Telephone District as per licence agreement No.842-23/93-TM dated 30 th November, 1994 and as amended vide Ministry of Communications, Department of Telecommunications (VAS CELL) letter F.No.842-47/2000-VAS/Vol.IV/Amendment I dated 11.04.2002 consequent to Migration to revenue sharing regime of New Telecom Policy-1999 (F.No.205/85/99/ITA.II)(Vol. I). [F.No.205/85/99/ITA.II)(Vol. I)]