Approval of M/s Power Grid Corporation of India Ltd under section 10(23G) of the Income-tax Act, 1961 - 346/2002 - Income Tax

Approval of M/s Power Grid Corporation of India Ltd under section 10(23G) of the Income-tax Act, 1961 Notification No. 346 of 2002 Dated 21st Nov., 2002 . 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) 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 Power Grid Corporation of India Ltd., Hemkunt Chamber, 89, Nehru Place, New Delhi--110019 for their project of Tehri Hydro Electric Project associated transmission system. [F.No. 205/54/2001-ITA-II]