Gujarat State Energy Generation Ltd. gains tax exemption under Section 10(23G) for 2002-2005, with conditions.

M/s Gujarat State Energy Generation Ltd. has been approved by the Central Government under section 10(23G) of the Income-tax Act, 1961, for the assessment years 2002-2003, 2003-2004, and 2004-2005. This approval is contingent upon compliance with the provisions of section 10(23G) and rule 2E of the Income-tax Rules, 1962. The approval may be withdrawn if the company ceases infrastructure operations, fails to maintain audited accounts, or does not furnish the required audit report. The approval pertains to their 156.1 MW gas-based Combined Cycle Power Project at Hazira, Surat, Gujarat.

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