Tax exemption approval for hydroelectric infrastructure granted subject to compliance and possible withdrawal for specified non compliance. Approval is granted to Samal Barrage Hydro Electric Project by Orissa Power Consortium Ltd. for tax exemption under the income tax framework for specified assessment years, conditional on compliance with the governing provision and rules, maintenance of books of account, audit by a qualified accountant, and furnishing of the prescribed audit report; the Central Government may withdraw approval if the undertaking ceases to provide an infrastructure facility or fails to meet the accounting, audit or reporting requirements.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption approval for hydroelectric infrastructure granted subject to compliance and possible withdrawal for specified non compliance.
Approval is granted to Samal Barrage Hydro Electric Project by Orissa Power Consortium Ltd. for tax exemption under the income tax framework for specified assessment years, conditional on compliance with the governing provision and rules, maintenance of books of account, audit by a qualified accountant, and furnishing of the prescribed audit report; the Central Government may withdraw approval if the undertaking ceases to provide an infrastructure facility or fails to meet the accounting, audit or reporting requirements.
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