Sponsored
Notification: 11185
Section(s) Referred: s. 80-IA(4)(iii)
Statute: INCOME TAX
Date of Issue: 28/12/1999
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 said Act), has framed and notified a scheme for industrial park, in the notification of the Government of India in the Ministry of Industry and Commerce (Department of Industrial Policy and Promotion) vide S.O. 1201(E), dated the 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 Wise Industrial Park Limited having its registered office at Wise Park, 5 K.M. Milestone, Masuri, Gulawati Road, District Ghaziabad, Uttar Pradesh, has developed, maintains and operates an agro and food processing industrial park ;
And, whereas the Central Government has approved the said Industrial Park subject to certain terms and conditions mentioned in the schedule to this notification ;
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 an undertaking developed and being maintained and operated by the Wise Industrial Park Limited, Ghaziabad, as an industrial park for the purposes of the said clause.
SCHEDULE
The terms and conditions on which the approval of Government of India has been accorded for setting up of an industrial park by the Wise Industrial Park Limited, Ghaziabad, Uttar Pradesh.
1. Proposed location of the Industrial Wise Park, 5 Km. Milestone, Masuri Park Gulawati Road, District Ghaziabad, Uttar Pradesh.
2. Proposed area of Industrial Park 400 acres
3. Proposed activities of the Activity NIC Code Industrial Park Manufacturers of Division 20, 21 food products, and 22 tobacco, beverages and related products.
4. Percentage of allocable area 66 per cent proposed for industrial use
5. Percentage of land ear-marked for 10 per cent commercial use
6. Proposed number of industrial 60-150 units units
7. Total investment proposed 4005 lacs (amount in rupees)
8. Investment on built-up space for NIL industrial use (amount in rupees)
9. Investment on infrastructure 2955 lacs development (amount in rupees)
10. The minimum percentage of the area to be allocated for industrial use shall not be less than 66 per cent of the total allocable area. The allocable area will mean the net area, which is available for allocation for industrial, commercial or residential purpose and will exclude such area as is used for provision of common facilities like power, telecom, roads, green belt. In case of an Industrial Park which is making available the built up space, the allocable area will mean the net floor area which is available for allocation and will exclude the built up space used for locating common facilities like air-conditioning, telecommunication, etc.
11. Industrial use shall include any activity defined in the National Industrial Classification 1987 code except the following codes :
13. In case of an Industrial Model Town and Industrial Park, the minimum investment on infrastructure development shall not be less than 50 per cent 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 per cent of the total cost.
14. Infrastructure development shall include expenditure on common facilities like roads (including approach roads), water supply and sewerage, common effluent treatment facility, generation and distribution of power for use of the units to be located in the Industrial Model Town/Industrial Park, telecom network, etc. and such other facilities as are for common use for industrial activity which are identifiable and are provided on commercial terms.
15. No single unit in any project shall occupy more than 50 per cent of the allocable industrial area of an Industrial Model Town/Industrial Park. For this purpose a unit means a separate taxable entity.
16. Approval for foreign direct investment/non-resident Indian investment y the Foreign Investment Promotion Board/Reserve Bank of India, wherever necessary, shall be taken separately as per the policy and procedure in force
17. Wise Industrial Park Limited, Ghaziabad, Uttar Pradesh, shall continue to operate the Industrial Park during the period in which the benefits under section 80-IA of the Income-tax Act are to be availed.
18. The Central Government may withdraw the above approval in case the Wise Industrial Park Limited fail to comply with any of the conditions stated above.
[F. No. 178/58/99-ITA-I]
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
