Tax exemption approval under section 10(23G) requires NTPC projects to comply with conditions and commence generation timely. Approval is granted to specified NTPC power projects under section 10(23G) for assessment year 2002-03, listing Rihand Stage II and Ramagundam Stage III. The approval is conditional on compliance with section 10(23G) and rule 2E, maintenance of books, audit by an accountant and furnishing of the audit report as required by sub rule (6) of rule 2E. The Central Government may withdraw approval if the undertaking ceases eligible business or fails accounting/audit/reporting obligations. Approval also requires commencement of power generation by 31 March 2006 per the generation commencement requirement under section 80IA.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption approval under section 10(23G) requires NTPC projects to comply with conditions and commence generation timely.
Approval is granted to specified NTPC power projects under section 10(23G) for assessment year 2002-03, listing Rihand Stage II and Ramagundam Stage III. The approval is conditional on compliance with section 10(23G) and rule 2E, maintenance of books, audit by an accountant and furnishing of the audit report as required by sub rule (6) of rule 2E. The Central Government may withdraw approval if the undertaking ceases eligible business or fails accounting/audit/reporting obligations. Approval also requires commencement of power generation by 31 March 2006 per the generation commencement requirement under section 80IA.
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