Tax exemption approval under section 10(23G) subject to compliance, audit and withdrawal conditions for infrastructure project. Approval under section 10(23G) was granted to M/s L&T Western India Toll Bridge Limited for its two lane Watrak bridge project under Build, Operate and Transfer for specified assessment years, subject to compliance with section 10(23G) and rule 2E. The approval requires maintenance of books, audit by an accountant and submission of the audit report as per sub rule (7) of rule 2E, and may be withdrawn if the undertaking ceases the infrastructure activity or fails to meet the accounting and audit obligations.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption approval under section 10(23G) subject to compliance, audit and withdrawal conditions for infrastructure project.
Approval under section 10(23G) was granted to M/s L&T Western India Toll Bridge Limited for its two lane Watrak bridge project under Build, Operate and Transfer for specified assessment years, subject to compliance with section 10(23G) and rule 2E. The approval requires maintenance of books, audit by an accountant and submission of the audit report as per sub rule (7) of rule 2E, and may be withdrawn if the undertaking ceases the infrastructure activity or fails to meet the accounting and audit obligations.
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