Approved of M/s Pipavav Railway Corporation Private Ltd under Sec. 10(23G) - 015/2003 - Income Tax

Approved of M/s Pipavav Railway Corporation Private Ltd under Sec. 10(23G) Notification No. 15 of 2003, dt. 15th Jan., 2003 It is notified for general information that enterprise/industrial 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, for the assessment years 2001-2002, 2002-2003 and 2003-2004. 2. The approval is subject to the condition that- (i) the enterprise/industrial 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/industrial undertaking : (a) ceases to carry on infrastructure facility-, or (b) fads to maintain books of account and get such accounts audited by an accountant as required by sub-rule (7) of rule 2E of the Income-tax Rules, 1962; or (c) fails to furnish the audit report as required by sub-rule (7) of rule 2E of the Income-tax Rules, 1962. 3. The enterprise/industrial undertaking approved is : M/s Pipavav Railway Corporation Private Ltd., B-1, Maharaja Palace, University Road, Navrangpura, Ahmedabad-380009 for their project of Broad Gauge Rail Link from Surendranagar to Pipavav in the State of Gujarat [F. No. 205/12/2002/ITA-II]