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of <h1>Govt approves M/s HFCL Infotel Ltd under section 10(23G) for tax benefits, contingent on compliance with rules.</h1> The Central Government has approved a company, formerly known as The Investment Trust of India Ltd, now M/s HFCL Infotel Ltd, under section 10(23G) of the Income-tax Act, 1961, for assessment years 2004-2005 to 2006-2007. This approval is contingent upon compliance with section 10(23G) and rule 2E of the Income-tax Rules, 1962. The approval may be revoked if the company ceases infrastructure operations, fails to maintain audited accounts, or does not submit required audit reports. The approval pertains to their telephone services project in the Punjab Circle, with a specific license issued in 1997.
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