Tax exemption approval for infrastructure facility conditioned on continued operation and strict audit compliance. Approval is granted to M/s Chennai Container Terminal Limited for tax-exempt status for its Chennai Container Terminal development and management project, conditioned on operation as an infrastructure facility and strict compliance with income-tax provisions and relevant rules. The Central Government may withdraw approval if the undertaking ceases to carry on the infrastructure facility, fails to maintain and audit its accounts as required, or fails to furnish the mandated audit report.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption approval for infrastructure facility conditioned on continued operation and strict audit compliance.
Approval is granted to M/s Chennai Container Terminal Limited for tax-exempt status for its Chennai Container Terminal development and management project, conditioned on operation as an infrastructure facility and strict compliance with income-tax provisions and relevant rules. The Central Government may withdraw approval if the undertaking ceases to carry on the infrastructure facility, fails to maintain and audit its accounts as required, or fails to furnish the mandated audit report.
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