Approval of the project of Jaypee DSC Ventures Ltd. u/s 10(23G) - 283/2004 - Income Tax

Approval of the project of Jaypee DSC Ventures Ltd. u/s 10(23G) Notification No. 283 of 2004, dt. 18th Nov., 2004 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 Assessment Year 2003-04 to Assessment Year 2023-24 (upto 11.01.2023) i.e. for a period of 20 years as mentioned in the concession agreement dated 18.04.2002 between the National Highways Authority of India and M/s Jaypee DSC Ventures 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/industrial undertaking approved is- M/s Jaypee DSC Ventures Ltd, for their project of Conversion of Delhi-Gurgaon section of NH-8 into an access controlled 8/6 lane highway from Km.14.30 to Km.42.00 on Build, Operate and Transfer (BOT) basis as per concession agreement dated 18.04.2002 entered into with the National Highway Authority of India.