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 scheme could claim deductions, subject to approvals and compliance with approval conditions under the ‘Automatic or Non-Automatic Approval methods’ as may be applicable.
The present petition is filed assailing the Communication dated 03 February 2014 issued by the Respondent No. 3 rejecting the Petitioner’s Application dated 15 December 2011 for seeking amendments of the earlier granted approval dated 17.11.2006. Order dated 11th November 2014 issued by the Respondent No. 4 Empowered Committee purporting to reject the Petitioner’s revision seeking review of the communication/decision dated 3rd February 2014; The notification was issued by Respondent No. 3 on 26th March 2014, purporting to amend the notification dated 17th November 2006, granting benefits to the Petitioner under the Scheme.
