2E. (1) An application for approval shall be made
on or after the 1st day of June, 1998 in Form No. 56E by an enterprise to the
Central Government.
(2) Every application
for approval made under sub-rule (1) shall be accompanied by the following
documents, namely :—
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(a)
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a copy of certificate of incorporation under
the Companies Act, 1956 (1 of 1956) or a copy of the document evidencing the
constitution of the enterprise and its legal status;
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(b)
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a copy of the project report or agreement in
respect of the eligible business duly approved by the Central Government or
any State Government or any local authority or any other statutory body, as
the case may be;
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(c)
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balance sheets and profit and loss accounts
for the three previous years immediately preceding the previous year in which
the application has been made and also for the relevant part of the previous
year in which the application has been made :
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Provided that an application made under sub-rule (1)
may be accompanied by the balance sheets and profit and loss accounts for less
than three previous years where an enterprise has been formed at any time
during the three previous years immediately preceding the previous year in
which the application has been made and also for the relevant part of the
previous year in which the application has been made.
(3) The Central
Government shall approve an enterprise for the purposes of clause (23G) of section 10, if such enterprise
is wholly engaged in the eligible business.
(4) The Central
Government may, before approving an enterprise, call for such documents
(including audited annual accounts) or information from the enterprise, as it
thinks necessary in order to satisfy itself that such enterprise is wholly
engaged in the eligible business and that Government may also make such
enquiries as it may deem necessary in this behalf.
(5) The Central
Government shall pass an order in writing while granting approval or refusing
approval to the enterprise :
Provided that no order refusing the approval shall be
passed unless an opportunity of being heard has been given to the enterprise.
(6) Every enterprise
approved under sub-rule (5) shall maintain books of account and get such books
audited by an accountant, as defined in Explanation to sub-section (2) of section 288 and furnish
the report of such audit duly signed and verified by such accountant to the
Chief Commissioner of Income-tax under whose jurisdiction it is assessed, before
the due date of filing of the return under sub-section (1) of section 139.