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The Central Government notifies the industrial park undertaking developed by M/s. Magrath Properties Pvt. Ltd. under Section 80-IA of the Income-tax Act, 1961. The undertaking must maintain the approved industrial park location, area, and activity parameters, and meet minimum unit and investment requirements. M/s. Magrath Properties Pvt. Ltd. must operate the industrial park during the period to avail tax benefits and must adhere to all scheme conditions. The approval becomes invalid if the application contains wrong information or if the project plan changes without government approval.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th June, 2019 (INCOME-TAX)
S.O. 2007(E).—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. 354(E), dated the 1st day of April, 2002, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2006;
And whereas M/s. Magrath Properties Pvt. Ltd. having its registered office at First Floor, Embassy Point, 150, Infantry Road, Bangalore-560001 has developed an industrial park located at Survey No. 13/2, Challaghata Village, Varthur Hobli, Bangalore, Karnataka- 560001.
And whereas the Central Government has approved the said Industrial Park vide Ministry of Commerce and Industry letter No. 15/177/2005-IP&ID dated 25-07-2006.
Now, therefore, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act, the Central Government hereby notifies the undertaking, being developed and being maintained and operated by M/s. Magrath Properties Pvt. Ltd., as an industrial park for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the annexure of the notification.
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 Magrath Properties Pvt. Ltd.
Nature of Industrial activity with NIC code NIC Code Description S. No. Section Division Group Class A 8 89 892 - Data processing, software development and computer consultancy services B 8 89 893 - Business and management Consultancy activity . C 8 89 894 - Architectural and engineering and other technical consultancy activities.
The minimum investment on infrastructure development in an Industrial Park shall not be less than 50% of the total project cost. In the case of an Industrial Park which provides built-up space for industrial use, the minimum expenditure on infrastructure development including cost of construction of industrial space, shall not be less than 60% of the total project cost.
Infrastructure development shall include, roads (including approach roads), water supply and sewerage, common effluent treatment facility, telecom network, generation and distribution of power, air-conditioning and such other facilities as are for common use for industrial activity which are identifiable and are provided on commercial terms.
No single unit referred to in column (2) of the Table given in sub-paragraph (b) of paragraph 6 of S.O. 354(E) dated the 1st April, 2002, shall occupy more than fifty per cent of the allocable industrial area of an Industrial Park. For this purpose a unit means any separate and distinct entity for the purpose of one and more state or Central tax laws.
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.
The tax benefits under the Act can be availed of only after the number of units indicated in Para 1 (vii) of this Notification, are located in the industrial Park.
M/s. Magrath Properties Pvt. Ltd., 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.
In case the Industrial Park did not commence by 31-3-2006, fresh approval will be required under the Industrial Park Scheme, 2008 subject to the applicability under that Scheme for availing benefits under sub-section 4(iii) of Section 80- IA of the Income Tax Act, 1961.
The approval will be invalid and M/s. Magrath Properties Pvt. Ltd., shall be solely responsible for any repercussions of such invalidity, if
In case M/s. Magrath Properties Pvt. Ltd., 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-110001 along with a copy of the agreement executed between the transferor and transferee undertaking for the aforesaid transfer.
The conditions mentioned in this notification as well as those included in the Industrial Park Scheme, 2002 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. Magrath Properties Pvt. Ltd., fails to comply with any of the conditions.
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.
[Notification No. 47/2019/ F. No. 178/47/2017-ITA-I] RAJARAJESWARI R., Under Secy.
