Tax exemption approval requires compliance, audited books and timely audit reports or approval may be withdrawn. Approval of M/s Orissa Power Generation Corporation Ltd. for tax-exempt status is conditional on conformity with the tax-exemption provisions and applicable rules, maintenance of books of account, obtaining a statutory audit by an accountant, and furnishing the prescribed audit report; the Central Government may withdraw approval if the enterprise ceases to carry on an infrastructure facility or fails to meet the bookkeeping, audit, or reporting requirements.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption approval requires compliance, audited books and timely audit reports or approval may be withdrawn.
Approval of M/s Orissa Power Generation Corporation Ltd. for tax-exempt status is conditional on conformity with the tax-exemption provisions and applicable rules, maintenance of books of account, obtaining a statutory audit by an accountant, and furnishing the prescribed audit report; the Central Government may withdraw approval if the enterprise ceases to carry on an infrastructure facility or fails to meet the bookkeeping, audit, or reporting requirements.
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