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. 55/2012 [F.NO. 178/49/2009-ITA-I], DATED 28-12-2012
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
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 31st day of March, 2006;
And whereas M/s. iLABS Hyderabad Technology Centre Private
Ltd. having its registered office at iLABS Centre, Building No. 3, Plot
No. 18, Software Units Layout, Madhapur, Hyderabad-500 081, is
developing an Industrial Park at Plot No. 18, Software Units Layout
Town/Tehsil-Madhapur, District-Hyderabad, AP-500 081;
And whereas the Central Government has approved the said
Industrial Park vide Ministry of Commerce and Industry letter No.
15/37/2006-ID-II dated 03-03-2009 subject to the terms and conditions
mentioned therein as subsequently amended
vide Ministry of Commerce and Industry letter No. 15/37/2006-ID-II dated 10.4.2012;
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. iLABS Hyderabad Technology Centre
Pvt. Ltd., Hyderabad, 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. iLABS Hyderabad Technology Centre Pvt. Ltd., Hyderabad.
| 1. (i) | Name of the Industrial | : | iLABS Hyderabad Technology Centre Pvt. Ltd., Hyderabad. |
| (ii) | Proposed location | : | Plot No. 18, Software Units Layout, Town/Tehsil-Madhapur, District-Hyderabad, Andhra Pradesh-500 081 |
| (iii) | Area of Industrial Park | : | 97.226 meters |
| (iv) | Proposed activities | : |
| Nature of Industrial activity with NIC code | |||||
| NIC Code | Description | ||||
| S. No. | Section | Division | Group | Class | |
| A | 7 | 75 | - | - | Communication services |
| B | 8 | 89 | 892 | - | Data processing, software development and computer consultancy services |
| C | 8 | 89 | 893 | - | Business and management consultancy activities |
| D | 8 | 89 | 894 | - | Architectural and engineering and other technical consultancy activities |
| E | 8 | 89 | 895 | - | Technical testing and analysis services |
| (v) | Percentage of allocable area earmarked for Industrial use | : | 90.09% |
| (vi) | Percentage of allocable area earmarked for commercial use | : | 9.91% |
| (vii) | Minimum number of industrial units | : | 05 Units |
| (viii) | Total investments proposed (Amount in Rupees) | : | Rs.10,465 Lakhs |
| (ix) | Investment on built up space for Industrial use (Amount in Rupees) | : | Rs. 5,181 Lakhs |
| (x) | Investment on Infrastructure Development including investment on built up space for industrial use (Amount in Rupees) | : | Rs. 10,000 Lakhs |
| (xi) | Proposed date of commencement of the Industrial Park | : | March 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. iLABS Hyderabad Technology Centre Pvt.
Ltd., Hyderabad, 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 iLABS
Hyderabad Technology Centre Pvt. Ltd., Hyderabad, shall be solely
responsible for any repercussions of such invalidity, if
- 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.
- 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 iLABS Hyderabad Technology Centre
Pvt. Ltd., Hyderabad, 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 iLABS Hyderabad Technology Centre Pvt. Ltd., Hyderabad 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.
