Rule 24 — Infrastructure facility (s. 32(e))

Rule 24 lists three conditions a public facility must meet to be notified as an infrastructure facility under section 32(e): ownership, an agreement with a government body, and a start date of operation on or after 1 April 1995.

The conditions. All of the following must be fulfilled.

(a) Ownership. The facility is owned by a company registered in India, a consortium of such companies, or an authority, board, corporation or other body established or constituted under a Central or State Act.
(b) Agreement. It has entered into an agreement with the Central Government, a State Government, a local authority or another statutory body for developing, operating and maintaining, or developing, operating and maintaining a new infrastructure facility similar in nature to one referred to in the Explanation to section 80-IA(4)(i) of the Income-tax Act, 1961, as it existed before its repeal.
(c) Start date. It has started or starts operating and maintaining the facility on or after 1 April 1995.

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