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of <h1>Telecom Project in Mumbai Approved Under Section 10(23G) for 2001-2004; Compliance and Audits Required</h1> The Central Government has approved the National Long Distance Service project by a telecommunications company in Mumbai under section 10(23G) of the Income-tax Act, 1961, for the assessment years 2001-2002 to 2003-2004. The approval requires compliance with the Income-tax Act and Rules, signing a license agreement with the Department of Telecommunication, and maintaining audited accounts. The approval may be withdrawn if the enterprise ceases infrastructure operations, fails to maintain audited accounts, or does not submit the required audit report.
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