Tax exemption approval under section 10(23G) conditional on compliance, audit and operation requirements for irrigation projects. Approval under section 10(23G) read with rule 2E is granted to Krishna Bhagya Jala Nigam Ltd for execution of specified irrigation projects on the Krishna River for a three year period commencing 01.04.2004, conditional on continued conformity with statutory provisions; the Central Government may withdraw approval if the enterprise ceases the eligible business, fails to maintain and audit accounts or to furnish the audit report, or fails to operate and maintain the developed infrastructure facility.