Section 10(23G) approval for infrastructure enterprises grants tax-exempt status subject to compliance and audit conditions. Approval is granted to specified enterprises for the purposes of section 10(23G) of the Income-tax Act, read with rule 2E of the Income-tax Rules, for assessment years 1999-2002, subject to conditions that the undertaking conform to those provisions, maintain books of account, obtain and furnish the audit report required by sub-rule (7) of rule 2E, and subject to withdrawal of approval if the undertaking ceases to carry on the infrastructure facility or fails the accounting and audit obligations.
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Provisions expressly mentioned in the judgment/order text.
Section 10(23G) approval for infrastructure enterprises grants tax-exempt status subject to compliance and audit conditions.
Approval is granted to specified enterprises for the purposes of section 10(23G) of the Income-tax Act, read with rule 2E of the Income-tax Rules, for assessment years 1999-2002, subject to conditions that the undertaking conform to those provisions, maintain books of account, obtain and furnish the audit report required by sub-rule (7) of rule 2E, and subject to withdrawal of approval if the undertaking ceases to carry on the infrastructure facility or fails the accounting and audit obligations.
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