Approved u/s. 10(23G) of the Income-tax Act, 1961 - Krishna Bhagya Jala Nigam Ltd, Bangalore for a period of 3 years from 01.04.2004 to 31.03.2007 - 136/2005 - Income Tax

Approved u/s. 10(23G) of the Income-tax Act, 1961 - Krishna Bhagya Jala Nigam Ltd, Bangalore for a period of 3 years from 01.04.2004 to 31.03.2007 Notification No. 136/2005, dated 29-4-2005 It is notified for general information that the enterprise/undertaking, Krishna Bhagya Jala Nigam Ltd, PWD Offices Annexe, 3rd Floor, K.R. Circle, Bangalore-560001, has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962 for execution of Irrigation Projects on Krishna River (Upper Krishna Project) in the State of Karnataka, for the period of 3 years from 01.04.2004 to 31.03.2007. 2. The Central Government shall withdraw this approval if the enterprise/undertaking: ( a ) ceases to conform to and comply with the provisions of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962; ( b ) ceases to carry on the eligible business as defined in Explanation ( b ) to Rule 2E of IT. Rules, 1962; ( c ) fails to maintain books of account and get such accounts audited by an accountant as required by sub-rule (6) of rule 2E of the Income-tax Rules, 1962; ( d ) fails to furnish the audit report as required by sub-rule (6) of rule 2E of the Income-tax Rules, 1962. ( e ) fails to start operating and maintaining the infrastructure facility after developing it in terms of Section 80IA(4)( i )( c ) of the Income-tax Act, 1961. [F.No.205/67/98/ITA-II)(Vol.III)]