Income tax exemption under section 10(23G) approved for Nathpa Jhakri project, conditional on compliance and audit requirements. Approval is granted to the Nathpa Jhakri Hydroelectric Power Project by M/s Nathpa Jhakri Power Corporation Ltd. under section 10(23G) of the Income-tax Act read with rule 2E for the assessment years 1999-2000 to 2001-2002. The approval is conditional on compliance with the cited statutory provisions, maintaining books of account, obtaining and furnishing the required audit report; the Central Government may withdraw approval if the undertaking ceases to operate as an infrastructure facility or fails the accounting and audit obligations.