Notification No. 61/2010 [F.NO.178/142/2009-ITA-I], dated 22-7-2010

Whereas the Central Government in exercise of the powers conferee 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 Commerce and Industry (Department of Industrial Policy and Promotion) number S.O.193(E), dated the 30″ 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. Krishna Developers Private Limited having its registered office at 508, Gundecha Chamber, Nagindas Master Road, Fort, Mumbai- 400023, is developing an Industrial Park at Corporate Centre IT Park, Corporate Centre. CTS No. 271, Village Kondivite, Andheri (E), Mumbai – 400059;

And whereas the Central Government has approved the said Industrial Park; vide Ministry of Commerce and Industry letter No. 15/31/2004-IP&ID dated 02-12-2004 and later amended vide letter No. 15/31/2004-IP&ID dated 05-05-2005 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, being developed and being maintained and operated by M/s. Krishna Developers Private Limited, Mumbai, 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. Krishna Developers Private Limited, Mumbai.

1. (i) Name of the Industrial Undertaking. : Krishna Developers Private Limited
(ii) Proposed location : Corporate Centre IT Park, Corporate Centre, CTS No. 271, Village Kondivite, Andheri (E), Mumabai – 400059
(iii) Area of Industrial Park : 14203.08 Square Meters
(iv) Proposed activities
Nature of Industrial activity with NIC code
NIC Code Description
S.No. Section Division Group Class
A 8 89 898 Data processing, software development and computer consultancy services
B 8 89 893 Business and management consultancy activities
C 8 89 894 Architectural and engineering and other technical consultancy activities
D 3 36 367 Manufacture of computers and computer based systems
(v) Percentage of allocable area earmarked for industrial use . : ninety per cent.
(vi) Percentage of allocable area earmarked for commercial use : ten per cent.
(vii) Minimum number of industrial units : thirty six Units
(viii) Total investments proposed (Amount in Rupees) : Rs. 23,95,00,000/-
(ix) Investment on built up space for industrial use (Amount in Rupees) : Rs. 14,00,00,000/-
(x) Investment on infrastructure Development including investment on built up space for industrial use (Amount in Rupees) : Rs. 18,39,16,310/-
(xi) Proposed date of commencement of the industrial Park : 22-01-2004

2. The minimum investment on infrastructure development in an Industrial Park shall not be less than fifty per cent, 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 sixty per cent 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) doled the 1st April, 2002, shall occupy more than fifty percent of the allocable industrial area of an Industrial Park and for this purpose a unit shall mean 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 nonresident 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 Paragraph 1, sub-paragraph (vii) of this notification, are located in the Industrial Park.

7. M/s. Krishna Developers Private Limited, Mumbai. shall continue to operate the Industrial Park during the period in which the benefits under clause (iii) of sub-section (4) of section 80I A of the Income-tax Act 1961 are to be availed.

8. In case the commencement of the Industrial Park is delayed by more than one year from the date indicated in paragraph 1, sub-paragraph (xi) of this notification, fresh approval will be required under the Industrial Park Scheme, 2002 or any other Industrial Park Scheme as may be applicable, for availing benefits under clause (iii) of sub-section 4 of section 80 IA of the Income-tax Act, 1961.

9. The approval will be invalid and M/s. Krishna Developers Private Limited, Mumbai. shall be solely responsible for any repercussions of such invalidity, if

(i) the application on the basis of which the approval is accorded by the Central Government contain 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 approval has already been accorded in the name of another undertaking.

10.In case M/s. Krishna Developers Private Limited, Mumbai 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.

11.The conditions mentioned in this notification as well as those included in the Industrial Park Scheme, 2002 should be adhered to during the period for which benefits under this scheme are to be availed.

12.The Central Government may withdraw the above approval in case M/s. Krishna Developers Private Limited, Mumbai, fails to comply with any of the conditions.

13. 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 (28069)
Type : Notifications (15996) Notifications/Circulars (32366)

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