Approval of M/s Vemagiri Power Generation Ltd for the purpose of section 10(23G) of the Income-tax Act, 1961 - 284/2003 - Income Tax

Approval of M/s Vemagiri Power Generation Ltd for the purpose of section 10(23G) of the Income-tax Act, 1961 Notification No : 284 Date of Issue : 11/11/2003 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 2002-2003, 2003-2004 and 2004-2005. 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) fails 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 th audit report as re-quired by sub-rule (7) of rule 2E of the Income-tax Rules, 1962. (d) fails to begin generating power by 31.3.2006. 3. The enterprise/industrial undertaking approved is - M/s Vemagiri Power Generation Ltd, 1005, 10th Floor Dalamal Towers, 211, Free Press Colony, Journal Marg, Nariman Point, Mumbai-400021 for their project 520 MW gas based power project at Vemagiri, East Godavari District, Andhra Pradesh (F.No 205/5/2002-ITA-II) F.N0.205/5/2002/ITA.II