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)]