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of <h1>Shyam Aces (India) Pvt. Ltd. approved for satellite service under Income-tax Act section 10(23G); compliance required.</h1> The Central Government has approved Shyam Aces (India) Pvt. Ltd. in New Delhi for providing Global Mobile Personal Communication by Satellite Service in India under section 10(23G) of the Income-tax Act, 1961, for the assessment years 2001-2002 and 2002-2003. This approval is contingent upon compliance with section 10(23G) and rule 2E of the Income-tax Rules, 1962. The approval may be revoked if the company ceases its infrastructure operations, fails to maintain and audit its accounts, does not furnish the required audit report, or does not sign the license agreement with the Department of Telecommunication.
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