Income tax department has issued a notification no. 1/2013 dated 8 January 2013 about approval for industrial park under section 80 IA of income tax act. M/s Ganesh Housing Corporation Ltd. has been approved for industrial park under section 80IA of income tax act. Full notification is as under.
SECTION 80-IA, SUB-CLAUSE (III) OF SUB-SECTION (4) OF THE
INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF PROFITS AND GAINS FROM
INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT,
ETC. - NOTIFIED UNDERTAKINGS
NOTIFICATION NO. 1/2013 [F.NO. 178/02/2008-ITA-I], DATED
8-1-2013
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.0.354(E), dated the 31st day of
March, 2006;
And whereas M/s. Ganesh Housing Corporation Ltd. having its
registered office at 1st Floor, "Samudra", Near Klassic Gold Hotel,
C.G. Road, Ellisbridge, Ahmedabad-380006, is developing an Industrial Park at
International Pharma and Biotech Park, Matoda-Sari, Ahmedabad, Gujarat.
And whereas the Central Government has approved the said
Industrial Park vide Ministry of Commerce and Industry letter No.
15/21/04-IP&ID, dated 5-11-2004 subject to the terms and conditions
mentioned therein;
And whereas the Hon'ble Gujarat High Court in its order
dated 10.8.2011 in Special Civil Application 15962 of 2012 has directed the
Central Board of Direct Taxes and the Ministry of Commerce to take
consequential steps to ensure that necessary notification of the aforementioned
industrial park is issued for the benefits under section 80-IA in terms of Rule
18C(4) of the Income Tax Rules, 1962.
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. Ganesh Housing Corporation Ltd., as an
industrial park for the purposes of the said clause (iii) subject to the terms
and conditions mentioned in the annexure of the notification.
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. Ganesh Housing Corporation Ltd..
1. (i) Name
of the Industrial Undertaking : Ganesh Housing Corporation Ltd.,
Ahmedabad.
(ii) Proposed location : International Pharma and Biotech Park,
Matoda-Sari, Ahmedabad
(iii) Area of Industrial Park : 3,08,937 sq meters
(iv) Proposed activities
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Nature of Industrial activity
with NIC code
|
|
NIC Code
Description
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S. No. Section Division Group Class
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A 3 30 304 - Manufacture of drugs, medicines
and allied products
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(v) Percentage of allocable area
earmarked for Industrial use : 82%
(vi) Percentage of allocable area
earmarked for commercial use : 2%
(vii) Minimum number of
industrial units : 30 Units
(viii) Total investments proposed
: Rs. 13,71,63,834/-
(ix) Investment on built up space
for Industrial use (Amount in Rupees) : Nil
(x) Investment on Infrastructure
Development including investment on built up space for industrial use : Rs. 8,99,02,448/-
(xi) Expected date of
commencement of the Industrial Park : January
15, 2006
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 per cent 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.
7. M/s.
Ganesh Housing Corporation Ltd., Ahmedabad 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.
8. In case
the Industrial Park did not commence by 31.3.2006, fresh approval will be
required under the Industrial Park Scheme, 2008 subject to the applicability
under that Scheme for availing benefits under sub-section 4(iii) of section
80-IA of the Income-tax Act, 1961.
9. The
approval will be invalid and M/s. Ganesh Housing Corporation Ltd., Ahmedabad
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 contains wrong information/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. Ganesh Housing Corporation Ltd., Ahmedabad, 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. The Central Government may
withdraw the above approval in case M/s. Ganesh Housing Corporation Ltd.,
Ahmedabad fails to comply with any of the conditions.
12. 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.
