Commerce Ministry Can Retrospectively Withdraw Industrial Park Benefits: Bombay HC

Pantheon Infrastructure Private Limited Vs Union of India (Bombay High Court) Bombay High Court held that if the undertaking fails to comply with those conditions, the Commerce Ministry alone has the right to withdraw the benefit granted under the Rules. Thus, notification dated 26th March 2014 retrospectively withdrawing benefit under the Industrial Park Scheme justified. Facts- The First and Second Respondents have formulated an “Industrial Park Scheme, 2002” in the exercise of powers u/s. 80IA(4)(iii) of the Income Tax, 1961 (IT Act). An assessee setting up an Industrial Park under this...