The Central Govt. approved M/s Aircel Limited, 'Sterling Tower' under section 10(23G) - 273/2004 - Income Tax

The Central Govt. approved M/s Aircel Limited, 'Sterling Tower' under section 10(23G) Notification No. 273 of 2004, dt. 1st Nov., 2004 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 Assessment Year 2005-2006 to Assessment Year 2009-2010 (upto 21-05.2008) i-e. upto the end of period of 10 years as mentioned in Licence Agreement No. 842-92/97 dated 22.05.1998 between the President of India acting through Director (VAS-I) and M/s Srinivas Telecom Limited or earlier, in the event of violation of the terms of the agreement aforSsaid. 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 denned 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 Aircel Limited, 'Sterling Tower', 327, Armasalai, Teynampet, Chennai-600 006 for their project of providing Cellular Mobile Telephone Service in Tamil Nadu Circle as per Licence Agreement No. 842-92/97 dated 22.05.1998 between the President of India acting through Director (VAS-I) and M/s Srinivas Telecom Limited.