Approved M/s Ashoka Infraways Pvt. Ltd under section 10(23G) - 011/2005 - Income Tax

Approved M/s Ashoka Infraways Pvt. Ltd under section 10(23G) Notification No. 11/2005 Dated 24-1-2005 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 2003-2004 to the assessment year 2016-17 (up to 14-04-2015), i.e., for a period of 3922 days as per agreement dated August 31, 2001, between Governor of Madhya Pradesh through the Executive Engineer, PWD, B and R Division, Dewas, Govt. of Madhya Pradesh and M/s. Ashoka Buildcon Ltd. and substitution agreement dated May 20, 2003 between Governor of Madhya Pradesh, Ashoka Infraways Pvt. Ltd., Ashoka Buildcon Ltd. and SICOM/UTI Ltd., or earlier, in the event of violation of the terms of the agreements 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 the Income-tax 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 Ashoka Infraways Pvt. Ltd., 1/2, River View, Gharpure Ghat, Nashik-422002 for their project of construction of Dewas Bypass Road starting from Km. 159/4 of Bhopal-Ujjain Road (SH-18) and joining Km.577/6 of Agra-Bombay Road (NH-3) intersecting NH-3 in Km.567/8 and SH-18 in Km.151/8 (total length 19.8 Km.) on Build, Operate and Transfer (BOT) basis as per agreement dated January 31, 2001, between Ashoka Buildcon Ltd., and the Executive Engineer, PWD, Dewas Division, Dewas and substitution agreement dated May 20, 2003, between Governor of Madhya Pradesh, Ashoka Buildcon Ltd., Ashoka Infraways Pvt. Ltd. and SICOM/UTI Ltd. (F. No. 205/36/2003-ITA-II). [No. 11/2005/F. No. 205/36/2003-ITA-II]