Approval of Fascel Ltd., for their project of providing Cellular Mobile Telephone Services in Gujarat circle as per licence agreement under section 10(23G) of the Income-tax Act, 1961 - 108/2002 - Income Tax

Approval of Fascel Ltd., for their project of providing Cellular Mobile Telephone Services in Gujarat circle as per licence agreement under section 10(23G) of the Income-tax Act, 1961 [Notification No. S.O. 1716, dated 8th May, 2002 .] It is notified for general information that enterprise/industrial undertaking listed at para. (3) below 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 the assessment years 2002-2003, 2003-2004 and 2004-2005. 2. The approval is subject to the condition that- (i) the enterprise/industrial undertaking will 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; (ii) the Central Government shall withdraw this approval if the enterprise/industrial undertakings: (a) ceases to carry on infrastructure facility; or (b) fails to maintain books of account and get such accounts audited by an accountant as required by sub-rule (7) of rule 2E of the Income-tax Rules, 1962; or (c) fails to furnish the audit report as required by sub-rule (7) of rule 2E of the Income-tax Rules, 1962. 3. The enterprise approved is Fascel Ltd., 6th Floor, Sakar II, Ellisbridge, Ahmedabad-380 006 for their project of providing Cellular Mobile Telephone Services in Gujarat circle as per licence agreement No. 842-58(B)/95-VAS, dated 11th January, 1996, between President of India through Director (VAS-I) Department of Telecommunication and Fascel Ltd. (F.No. 205/123/99-ITA-II-Vol. I). [Notification No. 108/2002/F. No. 205/123/99/ITA. II-Vol. I]