Approval of M/s JAS Toll Road Company Ltd. u/s 10(23G) of the Income tax Act, 1961 - 220/2004 - Income Tax

Approval of M/s JAS Toll Road Company Ltd. u/s 10(23G) of the Income tax Act, 1961 Notification No: 220 Dated 18-Aug-2004 It is notified for general information that the enterprise, 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 Asstt. Year 2002-03 to Asstt. Year 2021-22 (upto 27.06.2020) i.e. upto the end of period of 19 years as mentioned in concession agreement dt.28.06.2001 entered into with M/s National Highway Authority of India or earlier, in the event of violation 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/undertaking approved is- M/s JAS Toll Road Company Ltd, F-8, MIDC Industrial Area, Hingna, Nagpur-440016 for their project of widening and rehabilitation of the existing 2-Lanes from Km.29.5 to Km.62 on the Nelamangala-Tumkur Section of the National Highway No.4 in Karnataka to Four lane divided carriageway on build, operate and transfer (BOT) basis as per concession agreement dt.28.06.2001 entered into with National Highway Authority of India. Sd/- (Nidhi Singh) Under Secretary to the Govt. of India Central Board of Direct Taxes F.No. 205/17/2003-ITA.II