Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from industrial infrastructure undertakings, etc. – Notified undertakings

Notification No. 78/2010 [F.No.178/100/2008-ITA-I], dated 11-10-2010

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, vide notification of the Government of India in the Ministry of Finance (Department of Revenue, Central Board of Direct Taxes) number S.O. 51(E), dated the 8th January, 2008 and amended from time to time:

AND WHEREAS, M/s. Marathon Nextgen Realty Limited, Mumbai having its registered address at Off Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013 has developed an Industrial Park at Marathon Nextgen Innova IT Building, (Building No. 7), Survey No. CS No. 2/142, Opp. Peninsula Corporate Park Off, Ganpatrao, Kadam Marg, Lower Parel (West), Mumbai 400013;

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. Marathon Nextgen Realty Limited, Mumbai as an undertaking and the project at Marathon Nextgen Innova IT Building, (Building No.7), Survey No. CS No. 2/142, Opp. Peninsula Corporate Park Off, Ganpatrao, Kadam Marg, Lower Parel (West), Mumbai 400013, being developed and maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the Schedule appended to this notification.

THE SCHEDULE

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. Marathon Nextgen Realty Limited, Mumbai

1. (i) Name of the Industrial Undertaking : M/s. Marathon Nextgen Realty Limited, Mumbai;
(ii) Location of the Industrial Park : Marathon Nextgen Innova IT Building, (Building No.7), Survey No. CS No. 2/142, Opp. Peninsula Corporate Park Off, Ganpatrao, Kadam Marg, Lower Parel (West), Mumabi.
(iii) Mimimum Constructed Floor Area : 15,000 Square Meters;
(iv) Proposed industrial activities : As defined in Industrial Park (Amendment) Scheme, 2010;
(v) Percentage of allocable area earmarked for Industrial use (minimum) : 75%;
(vi) Percentage of allocable area earmarked for commercial  use (minimum) : 10%;
(vii) Minimum number of industrial units proposed : 30 Units;
(viii) Date of commencement of the Industrial Park : 01.02.2010;

2.   The Industrial Park shall be construed as developed on the date of commencement certificate from the local authority which is the 1st February, 2010.

3.   The industrial park should be owned by only one undertaking.

4.   The tax benefits under the Act shall be available to the undertaking mentioned in l(i) only after minimum number of thirty units are located in the Industrial Park mentioned at 1(ii). Explanation.- 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.

5.    No industrial unit, along with the units of an associated enterprise, shall occupy more than twenty-five per cent of the allocable area.

6.    The  tax benefits under the Act shall  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 Scheme, 2008.

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 shall be invalid and M/s. Marathon Nextgen Realty Limited 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 or 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 approved with the Industrial Park Scheme, 2008.

11.            The conditions mentioned in this notification as well as those included in the Industrial Park Scheme, 2008 shall be adhered to during the period for which benefits under this notification are to be availed and the Central Government may withdraw the above approval in case the undertaking, fails to comply with any of these 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, shall invalidate the approval of the industrial park.

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