Section 80-IA of the Income-tax Act, 1961- Deduction - Profits and gains from industrial infrastructure undertakings, etc
NOTIFICATION NO. 17/2012 [F.NO. 178/38/2009-ITA-1]
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 notification of the Government of India in the Ministry of Finance (Department of Revenue, Central Board of Direct Taxes) vide number S.O. 51(E), dated the 8th January, 2008 and amended from time to time;
And whereas M/s. Intime Properties Private Limited., Mumbai having its registered address at Plot No. C-30, Block-G. Bandra-Kurla Complex, Bandra (East), Mumbai 400051 has developed an Industrial Park at Building No. 5B, 6 and 9 at Survey No.64(part), Madhapur, Hyderabad, Distt. Rangareddy, Andhra Pradesh.
Now, therefore, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with Rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. Intime Properties Private Limited., Mumbai as an undertaking and the project at Building No. 5B, 6 and 9 at Survey No.64(part), Madhapur, Hyderabad, Distt. Rangareddy, Andhra Pradesh being developed and being maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause (iii) subject to the following terms and conditions:-
1. The Industrial Park shall be construed as developed on the date of commencement certificate from the local authority which is 30.03.2009.
2. The industrial park should be owned by only one undertaking.
3. The tax benefits under the Act will be available to the undertaking only after minimum number of thirty units are located in the Industrial Park. For the purpose of computing the minimum number of industrial units, all units of a person and his associated enterprises will be treated as a single unit.
4. No industrial unit, along with the units of an associated enterprise, shall occupy more than twenty five per cent of the allocable area.
5. The area allocated for commercial activity shall not be more than 10%.
6. The tax benefits under the Act will be available only to the undertaking notified vide this notification and not to any other person who may subsequently develop, develops and operates or maintains and operates the notified industrial park, for any reason.
7. The Industrial units shall undertake only those activities as specified in Industrial Park (Amendment) Scheme, 2010.
8. The undertaking must keep separate books of account for the industrial park and must file its income tax returns by the due date to the Income-tax department.
9. The notification will be invalid and M/s. Intime Properties Private Ltd shall be solely responsible for any repercussions of such invalidity, if:
(i) the application and subsequent documents furnished by it, on the basis of which the notification is issued 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 notification has already been issued in the name of another undertaking.
10. The undertaking shall furnish an annual report to the Central Board of Direct Taxes in Form IPS-II.
11. The conditions mentioned in this notification as well as those included in the Industrial Park (Amendment) Scheme, 2010 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 the undertaking, fails to comply with any of the conditions.
12. 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.