NOTIFICATION NO. 134/2006, DATED 7-6-2006

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, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O.193(E), dated the 30th March, 1999, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002 and vide number S.O. 354(E) dated the 1st day of April, 2002, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2006;

And whereas M/s Salarpuria Properties Private Limited, 7, Chittaranjan Avenue, 3rd Floor, Laha Paint House, Kolkata, West Bengal has developed an Industrial Park, namely, ‘Salarpuria G R Tech Park’, Whitefield Road, near ITPL, Bangalore, Karnataka-560066.

And whereas the Central Government has approved the said Industrial Park vide Ministry of Commerce and Industry letter No. 15/10/04-IP&ID dated 31-12-2004 subject to the terms and conditions mentioned in the annexure 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 the undertaking, developed and being maintained and operated by M/s Salarpuria Properties Private Limited, Kolkata, as an industrial park for the purposes of the said clause (iii).

ANNEXURE

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. Salarpuria Properties Private Limited, Kolkata.

1.
(i)
Name of the Industrial Undertaking
M/s. Salarpuria Properties Private Limited
(ii)
Proposed location
Salarpuria G R Tech Park Whitefield Road, Near ITPL, Bangalore, Karnataka-560 066.
(iii)
Total area of Industrial Park
33130.79 Sq.Mtr.
(iv)
Proposed activities
Nature of Industrial activity with NIC code
NIC Code
Description
S. No.
Section
Division
Group
Class
D
8
89
892
Data Processing, Software Development and Computer consultancy services
(v )
Percentage of allocable area proposed for industrial use
:
100%
(vi )
Percentage of land ear-marked for commercial use.
:
Nil
(vii )
Minimum number of industrial units
:
4 Units
(viii )
Total investments proposed (Amount in Rupees)
40.52 crores
(ix )
Investment on built up space for Industrial use (Amount in Rupees).
:
21.19 crores
(x )
Investment on Infrastructure Development including investment on built up space for industrial use (Amount in Rupees)
:
31.21 crores

2. The minimum investment on infrastructure development in an Industrial Park shall not be less than 50% 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% of the total project cost.

 

3. Infrastructure development shall include, roads (including approach roads),water supply and sewerage, common effluent treatment facility, telecom network, generation and distribution of power, air-conditioning and such other facilities as are for common use for industrial activity which are identifiable and are provided on commercial terms.

 

4. No single unit referred to in column (2) of the Table given in sub-paragraph (b) of paragraph 6 of S.O. 354(E) dated the 1st April, 2002, shall occupy more than fifty percent of the allocable industrial area of an Industrial Park. For this purpose a unit means any separate and distinct entity for the purpose of one and more State or Central tax laws.

 

5. Necessary approvals, including that for foreign direct investment or non-resident Indian investment by the Foreign Investment Promotion Board or Reserve Bank of India or any authority specified under any law for the time being in force, shall be taken separately as per the policy and procedures in force.

 

6. The tax benefits under the Act can be availed of only after the number of units indicated in Para 1 (vii) of this Notification, are located in the Industrial Park.

 

M/s. Salarpuria Properties Private Limited, Kolkata, shall continue to operate the Industrial Park during the period in which the benefits under clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 are to be availed.

 

In case M/s. Salarpuria Properties Private Limited, Kolkata transfers the operation and maintenance of the industrial park (i.e., transferor undertaking) to another undertaking (i.e., the transferee undertaking), the transferor and transferee shall jointly intimate to the Entrepreneurial Assistance Unit of the Secretariat for Industrial Assistance, Department of Industrial Policy and Promotion, Udyog Bhawan, New Delhi-11 along with a copy of the agreement executed between the transferor and transferee undertaking for the aforesaid transfer.

 

The Central Government may withdraw the above approval in case the M/s. Salarpuria Properties Private Limited, Kolkata fails to comply with any of the conditions of this notification or conditions prescribed in the Industrial Park Scheme, 2002.

10. 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, will invalidate the approval of the industrial park.

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Category : Income Tax (25527)
Type : Notifications (15402) Notifications/Circulars (30685)

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