SECTION 80-IA, SUB-CLAUSE (iii) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 – DEDUCTIONS – PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. – NOTIFIED UNDERTAKINGS – RESCISSION OF NOTIFICATION NO. SO 1121(E), DATED 27-3-2014
NOTIFICATION NO. 22/2014, Dated: March 27, 2014
SO 917(E) – Whereas, the Central Government (Ministry of Commerce and Industry) in exercise of the powers under the Industrial Park Scheme, 2002 (hereinafter referred to as the Scheme), as notified vide number S.O.354 (E) dated the 1st April 2002, through the Empowered Committee had granted approval to the undertaking being developed and being maintained and operated by M/s Creative Infocity Ltd., Gandhinagar at Indroda Circle, Gandhinagar, Gujarat, as an Industrial Park;
And, whereas, the Gujarat High Court in its order dated 21.2.2012 in Special Civil Application 9247 of 2011 had directed the Central Board of Direct Taxes to notify the aforementioned industrial park for the benefit 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;
And, whereas, in consequence to the same, the Central Government (Ministry of Finance, Department of Revenue, CBDT) 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 ‘Act’) had notified the said undertaking being developed and being maintained and operated by M/s Creative Infocity Ltd. as an Industrial Park for the purposes of the said clause (iii), vide notification of the Government of India in the Ministry of Finance, Department of Revenue, vide No. S. O. 1121, dated the 22nd of March 2012 published in the Gazette of India, Part II, section 3, sub-section (ii), 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 21-6-2001;
And, whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter No.12/2/2011 ID-II/Vol-II dated 3rd March, 2014 has withdrawn the said approval granted to the undertaking under the Scheme;
Now, therefore, the Central Government, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Act read with section 21 of the General Clause Act, 1897 (10 of 1897), hereby rescinds the said Notification No. S.O. 1121 dated 22nd March 2012 with effect from 22nd March 2012.
[F. NO. 178/25/2005-ITA-l]