SECTION 80-IA OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - PROFITS AND GAINS FROM INDUSTRIAL INFRASTRUCTURE UNDERTAKINGS, ETC. - NOTIFIED UNDERTAKINGS

NOTIFICATION NO. 13/2012 [F.NO. 178/25/2005-ITA-I], DATED 22-3-2012

Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O.I93(E), dated the 30th March, 1999 and S.O. 1201(E) dated 1st December, 1999, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002;

And whereas M/s. Creative Infocity Limited, having office at Infocity, Airport Road, Near Indroda Circle, Gandhinagar-382009, has developed an Industrial Park at lndroda Circle, Gandhinagar, Gujarat;

And whereas the Central Government has approved the said Industrial Park vide Ministry of Commerce and Industry letter No. 15(3)/2001-IP & ID dated 21-06-2001 subject to the terms and conditions mentioned in the annexure to this notification;

And whereas the Hon'ble Gujarat High Court in its order dated 21.2.2012 in Special Civil Application 9247 of 2011 has directed the Central Board of Direct Taxes to notify the aforementioned industrial park for the benefits under Section 80-IA in terms of Rule 18C(4) of the Rules within one month from the date of the Court order without any further inquiry, subject to the condition that the Commerce Ministry does not revoke the approval already granted. This notification is issued in compliance to Court's order subject to the final outcome of the SLP/MP/RA/Stay Application which may be filed against the aforesaid order of the Gujarat High Court. It is also subject to the final decision regarding revocation by the Ministry of Commerce of the approval already granted vide letter No. 15(3)/2001-IP & ID dated 21-06-2001.

Now, therefore, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act and in pursuance of abovenoted order of Hon'ble Gujarat High Court, the Central Government hereby notifies the undertaking, being developed and being maintained and operated by M/s. Creative Infocity Limited, Gandhinagar, as an industrial park for the purposes of the said clause (iii).

ANNEXURE

The terms and conditions on which the approval of the Government of India has been accorded for setting up of an Industrial Park by M/s. Creative Infocity Limited, Gandhinagar

2. Necessary approvals, including that for foreign direct investment or non-resident Indian investment by the Foreign Investment Promotion Board or Reserve Bank of India or any authority specified under any law for the time being in force, shall be taken separately as per the policy and procedures in force.

3. The tax benefits under the Act can be availed of only after the number of units indicated in Para l(vii) of this Notification, are located in the Industrial Park.

4. M/s. Creative Infocity Limited, Gandhinagar shall continue to operate the Industrial Park during the period in which the benefits under clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 are to be availed.

5. In case the Industrial Park did not commence within one year of the proposed date of commencement, fresh approval will be required.

6. The approval will be invalid and M/s. Creative Infocity Limited, Gandhinagar shall be solely responsible for any repercussions of such invalidity, if

(i)  the application on the basis of which the approval is accorded by the Central Government contains wrong information/misinformation or some material information has not been provided in it.

(ii)  it is for the location of the industrial park for which approval has already been accorded in the name of another undertaking.

7. In case M/s. Creative Infocity Limited, Gandhinagar, transfers the operation and maintenance of the industrial park (i.e., transferor undertaking) to another undertaking (i.e., the transferee undertaking), the transferor and transferee shall jointly intimate to the Entrepreneurial Assistance Unit of the Secretariat for Industrial Assistance. Department of Industrial Policy and Promotion, Udyog Bhawan, New Delhi-11 along with a copy of the agreement executed between the transferor and transferee undertaking for the aforesaid transfer.

8. The conditions mentioned in this notification as well as those included in the approval letter No. 15(3)/2001-IP & ID dated 21-06-2001 issued by the Ministry of Commerce should be adhered to during the period for which benefits under this scheme are to be availed. The Central Government may withdraw the above approval in case M/s. Creative Infocity Limited, Gandhinagar, fails to comply with any of the conditions.

9. Any amendment of the project plan without the approval of the Central Government or detection in future, or failure on the part of the applicant to disclose any material fact, will invalidate the approval of the industrial park.

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