CG notifies Industrial Park developed, maintained and operated by M/s. Prasad Technology Park Pvt. Ltd., Bangalore u/s 80IA

Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc. - Notified undertakings

NOTIFICATION NO. 10/2012 [F.NO. 178/7/2011-ITA-I], DATED 21-2-2012

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 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. Prasad Technology Park Private Limited having its registered office at #2/10, 3rd Floor, 80 Feet Road, Poojari Layout, RMV, 2nd stage, Bangalore-560094, is developing an Industrial Park at Plot No. 97, E.P.I.P. Industrial Area, Whitefield, Bangalore, Karnataka-560 066;

AND WHEREAS the Central Government has approved the said Industrial Park vide Ministry of Commerce and Industry letter No. 15/62/2005-ID-II dated 13-4-2006 subject to the terms and conditions mentioned therein;

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. Prasad Technology Park Pvt. Ltd., Bangalore, 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. Prasad Technology Park Pvt. Ltd., Bangalore.

1.	(i)	Name of the Industrial Undertaking	:	Prasad Technology Park Private Limited
	(ii)	Proposed location	:	Plot No. 97, E.P.I.P. Industrial Area, Whitefield, Bangalore, Karnataka-560 066
	(iii)	Area of Industrial Park	:	10711 Square Meters
	(iv)	Proposed activities

Nature of Industrial activity with NIC code
	NIC Code				Description
S. No.	Section	Division	Group	Class
A	3	36	-	-	Manufacture of electrical industrial machinery, apparatus and parts thereof
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	:	95.00%
(vi)	Percentage of allocable area earmarked for commercial use	:	5.00%
(vii)	Minimum number of industrial units	:	03 Units
(viii)	Total investments proposed (Amount in Rupees)	:	Rs. 10,52,24,434/-
(ix)	Investment on built up space for Industrial use (Amount in Rupees)	:	Rs. 8,26,67,565/-
(x)	Investment on Infrastructure Development including investment on built up space for industrial use (Amount in Rupees)	:	Rs. 10,52,24,434/-
(xi)	Proposed date of commencement of the Industrial Park	:	30.11.2005

2. 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.

3. 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.

4. M/s. Prasad Technology Park Pvt. Ltd., Bangalore, 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.

5. 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.

6. The approval will be invalid and M/s. Prasad Technology Park Pvt. Ltd., Bangalore 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.

7. In case M/s. Prasad Technology Park Pvt. Ltd., Bangalore, 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.

8. 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. Prasad Technology Park Pvt. Ltd., Bangalore, fails to comply with any of the conditions.

9. 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.