Central Government has framed and notified scheme for industrial park u/s 80-IA - 11174 - Income Tax

Central Government has framed and notified scheme for industrial park u/s 80-IA NOTIFICATION NO. 11174 DATED 20-12-1999 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), has framed and notified, by the notification of the Government of India in the Ministry of Industry (Department of Industrial Policy and Promotion) No. S.O. 1201(E), dated the 1st Dec., 1999 a scheme for industrial park for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002 : And whereas the Tidel Park Limited having its registered office at 19-A, Rukmini Lakshminpathy Road, Egmore, Chennai, has developed, maintains and operates software technology park for information technology/software technology being an industrial park : And whereas the Central Government has approved the said Industrial Park subject to the terms and conditions and other matters connected or incidental thereto mentioned in the Annexure of this notification. Now, in exercise of the powers conferred by clause ( iii ) of sub-section (4) of section 80-IA of the said Act, the Central Government notifies the software technology park for information technology/software technology developed and being maintained and operated by the Tidel Park Limited, Chennai as an industrial park for the purposes of the said clause ( iii ). ANNEXURE The terms and conditions on which the approval of Government of India has been accorded for setting up of an industrial park by the Tidel Park Limited, Chennai, Tamil Nadu. 1. Proposed location of the Industrial : Tidel Park Limited, Site Office, Park Canal Bank Road, District Chennai, Tamil Nadu-600111 2. Proposed area of Industrial Park. : 8.01 acres 3. Proposed activities of the Industrial : Activity NIC Code Park Software Development 892.2 Info Tech 4. Percentage allocable area proposed : 81.40 per cent for industrial use. 5. Percentage of land ear-marked for : 09.30 per cent commercial use 6. Proposed number of industrial units : 50 units 7. Total investment proposed (amount : 32,000 lacs in rupees). 8. Investment on built-up space for : 24,500 lacs industrial use (amount of rupees) 9. Investment on infrastructure : 31,500 lacs development (amount in rupees) 10. The minimum percentage of the area to be allocated for industrial use shall not be less than 66% of the total allocable area. The allocable area will mean the net area which is available for allocation for industrial, commercial or residential purpose and will exclude such area as is used for provision of common facilities like power, telecom, roads, green belt. In case of an industrial park which is making available the built up space, the allocable area will mean the net floor area which is available for allocation and will exclude the built up space used for locating common facilities like air-conditioning, telecommunication installations, etc. 11. Industrial use shall include any activity defined in the National Industrial Classification 1987 code except the following codes : Section 0 Section 1 Section 5 Section 7 excluding division 75 Section 8 excluding Group 892, 893, 894, 895 Section 9 Section 10 Section 11 12. The percentage of land to be earmarked for commercial use shall not be more than 10 per cent of the allocable area. 13. In case of an Industrial Model Town and Industrial Park, the minimum investment on infrastructure development shall not be less than 50 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 60 per cent of the total cost. 14. Infrastructure development shall include expenditure on common facilities like roads (including approach roads), water supply and sewerage, common effluent treatment facility, generation and distribution of power for use of the units to be located in the Industrial Model Town and Industrial Park, telecom network, etc. and such other facilities as are for common use for industrial activity which are identifiable and are provided on commercial terms. 15. No single unit in any project shall occupy more than 50 per cent of the allocable industrial area of an Industrial Model Town and Industrial Park. For this purpose a unit means a separate taxable equity. 16. Approval for foreign direct investment/non-resident Indian investment by the Foreign Investment Promotion Board/Reserve Bank of India, wherever necessary, shall be taken separately as per the policy and procedure in force. 17. The Tidel Park Limited, Chennai, Tamil Nadu, shall continue to operate the Industrial Park during the period in which the benefits under section 80-IA of the Income-tax Act are to be availed. 18. The Central Government may withdraw the above approval in case the Tidel Park Limited fail to comply with any of the conditions stated above. [F. No. 178/59/99-ITA-I]