Approval of Hazira Port Pvt Ltd, 101-103, Abhijeet II, Mithakali Circle, Ahmedabad-380006 u/s 10(23G) - 081/2005 - Income Tax

Approval of Hazira Port Pvt Ltd, 101-103, Abhijeet II, Mithakali Circle, Ahmedabad-380006 u/s 10(23G) NOTIFICATION NO. 81/2005, DATED 17-3-2005 It is notified for general information that the enterprise/undertaking, Hazira Port Pvt Ltd, 101-103, Abhijeet II, Mithakali Circle, Ahmedabad-380006, 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 their project of development, maintenance and operation of Port at Hazira as per concession agreement dated 22.04.2002 entered into by the company with the Gujarat Maritime Board and the Government of Gujarat, for the period of 30 years from 22.04.2002 to 21.04.2032 specified in the agreement dated 22.04.2002, or earlier, in the event of violation of the terms of the aforesaid agreement. 2. The Central Government shall withdraw this approval if the enterprise/undertaking: ( a ) ceases to 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; ( b ) ceases to carry on the eligible business as defined in Explanation ( b ) to Rule 2E of IT. Rules, 1962; ( c ) 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; ( d ) fails to furnish the audit report as required by sub-rule (6) of rule 2E of the Income-tax Rules, 1962. (Nidhi Singh) Under Secretary to the Government of India Central Board of Direct Taxes [F.No.205/7/2003/ITA-II]