Tax exemption approval under section 10(23G) confirmed for specified infrastructure undertakings, subject to compliance and audit conditions. Approvals granted to specified enterprises for tax-exempt status under the Income-tax Act provision for assessment years 2002-2003 to 2004-2005, covering an 18 MW wind-farm by Karma Energy Limited and a 220 MW naphtha-based power project by Tanir Bavi Power Company Pvt. Ltd. Approval is conditional on compliance with rule 2E of the Income-tax Rules, including maintaining books of account, obtaining an audit, and furnishing the audit report; the Central Government may withdraw approval on ceasing infrastructure activity or failure to comply with accounting and audit obligations.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption approval under section 10(23G) confirmed for specified infrastructure undertakings, subject to compliance and audit conditions.
Approvals granted to specified enterprises for tax-exempt status under the Income-tax Act provision for assessment years 2002-2003 to 2004-2005, covering an 18 MW wind-farm by Karma Energy Limited and a 220 MW naphtha-based power project by Tanir Bavi Power Company Pvt. Ltd. Approval is conditional on compliance with rule 2E of the Income-tax Rules, including maintaining books of account, obtaining an audit, and furnishing the audit report; the Central Government may withdraw approval on ceasing infrastructure activity or failure to comply with accounting and audit obligations.
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