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of <h1>Central Government Approves Vemagiri Power Under Section 10(23G) for Tax Exemption, Conditional on Compliance and Timely Power Generation.</h1> M/s Vemagiri Power 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, concerning their 520 MW gas-based power project in Andhra Pradesh, 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 and audit accounts, does not furnish required audit reports, or does not commence power generation by March 31, 2006.
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