Approval u/s. 10(23G) of the Income-tax Act, 1961 Monitoring of the same by the CCIT.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e-tax Act, 1961 was first introduced by the Finance Act, 1996. The section as amended by the Finance Act, 1997 provides for exemption of certain kind of income arising out of investment made by an Infrastructure Capital Fund or an Infrastructure Capital Company in an enterprise wholly engaged in the business of developing, maintaining and operating an infrastructure facility. The terms "Infrastruc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anted continues to be engaged wholly in the business of developing, maintaining and operating an infrastructure facility. Sub-rule (8) of Rule 2E of the Income-tax Rules, 1962 empowers the Central Government to withdraw the approval granted under certain circumstances. 3. Accordingly, it has been decided that the CCIT shall monitor every case to which approval u/s. 10(23G) of the Act has been g....