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 - AMENDMENT IN NOTIFICATION NO.SO 1605(E), DATED 2-7-2008
Notification No. 47/2012 [F. No. 178/78/2010-ITA-I], dated 6-11-2012
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 notification of the Government of
India in the Ministry of Finance (Department of Revenue, Central Board
of Direct Taxes) vide number S.O. 51(E), dated the 8th January, 2008 and
amended vide number S.O. 1605(E) dated 2nd July, 2008;
2. And whereas M/s. Ferani Hotels Pvt. Ltd. having
its registered address at B, 2nd Floor, 623 Linking Road, Khar (W),
Mumbai has developed an Industrial Park at Bldg. Nos. 1, 4, 11, 14 &
21, 327A/4A(pt.), Malad, Mumbai Suburban District, Maharashtra.
3. Now, therefore, in exercise of the powers conferred by clause (iii)
of sub-section (4) of section 80-IA of the said Act read with Rule 18C
of the Income Tax Rules, 1962, the Central Government hereby notifies
M/s. Ferani Hotels Pvt. Ltd. having its registered address at B, 2nd
Floor, 623 Linking Road, Khar (W), Mumbai, has developed an Industrial
Park at Bldg. Nos. 1, 4, 11, 14 & 21, 827A/4A(pt.), Malad, Mumbai
Suburban District, Maharashtra being developed and being maintained and
operated by the said undertaking, as an industrial park for the purposes
of the said clause (iii) subject to the terms and conditions mentioned in the annexure to this 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. Ferani Hotels Pvt. Ltd., Mumbai.
| 1. | (i) | Name of the Industrial Undertaking. | : | M/s. Ferani Hotels Pvt. Ltd., Mumbai |
| (ii) | Location | : | Bldg. Nos. 1, 4, 11, 14 & 21, 827A/4A(pt.), Malad, Mumbai Suburban District, Maharashtra | |
| (iii) | Minimum Constructed Floor Area | : | 199219.03 Square Meters | |
| (iv) | Proposed industrial activities | : | As defined in Industrial Park (Amendment) Scheme, 2010 | |
| (v) | Percentage of allocable area earmarked for industrial use | : | 75% or more | |
| (vi) | Percentage of allocable area earmarked for commercial use | : | 10% or less | |
| (vii) | Minimum number of industrial units | : | 37 Units | |
| (viii) | Date of commencement of the Industrial Park | : | 28.03.2011 |
2. The Industrial Park shall be construed as developed on
the date of commencement certificate from the local authority which is
28.03.2011.
3. The industrial park should be owned by only one undertaking.
4. The tax benefits under the Act will be available to the
undertaking only after minimum number of thirty units are located in
the Industrial Park. For the purpose of computing the minimum number of
industrial units, all units of a person and his associated enterprises
will be treated as a single unit.
5. No industrial unit, along with the units of an
associated enterprise, shall occupy more than twenty five per cent of
the allocable area.
6. The tax benefits under the Act will be available only
to the undertaking notified vide this notification and not to any other
person who may subsequently develop, develops and operates or maintains
and operates the notified industrial park, for any reason.
7. The Industrial units shall undertake only those activities as specified in Industrial Park (Amendment) Scheme, 2010.
8. The undertaking must keep separate books of account for
the industrial park and must file its income tax returns by the due
date to the Income-tax department.
9. The notification will be invalid and M/s. Ferani Hotels
Pvt. Ltd., Mumbai shall be solely responsible for any repercussions of
such invalidity, if
i. the application and subsequent documents
furnished by it, on the basis of which the notification is issued 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 notification has already been issued in the name of
another undertaking.
10. The undertaking shall furnish an annual report to the Central Board of Direct Taxes in Form IPS-II.
11. The conditions mentioned in this notification as well
as those included in the
Industrial Park (Amendment) Scheme, 2010 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 the
undertaking 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.
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