Approval under section 10(23G) grants tax-exempt status to an infrastructure enterprise subject to compliance and audit conditions. Approval under section 10(23G) is granted to an enterprise operating an infrastructure facility at a port, conditional on compliance with the statute and rule 2E, including maintenance of books, audit by an accountant and furnishing of the required audit report; the Central Government may withdraw approval if the enterprise ceases the facility or fails the accounting and audit obligations.