9911796707
TMI BlogIndustrial Park Scheme, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... tions .- In this Scheme, unless the context otherwise requires.- (a) Act means Income Tax Act, 1961 (43 of 1961); (b) allocable area means, - (i) in the case of an industrial park referred to in sub-paragraph (b) of paragraph 4, the net floor area available for allocation but excluding the built up space used for providing common facilities; (ii) in any other case, the net area available for allocation for industrial, commercial or residential purpose but excluding the areas used for providing common facilities; (c) common facilities includes the facilities of air conditioning, roads (including approach roads), water supply and sewerage, common effluent treatment facility, telecom network, generation and distribut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the remaining period in the ten consecutive assessment years in a manner as if the operation and maintenance were not so transferred to the transferee undertaking. 4. Objectives of the industrial park. - Any project, being an industrial park, shall aim at setting up of - (a) an Industrial Model Town for development of industrial infrastructure for carrying out integrated manufacturing activities including research and development by providing plots or sheds and common facilities within its precints; or (b) an industrial park for development of infrastructural facilities or built-up space with common facilities in any area allotted or earmarked for the purposes of industrial use specified in explanation to para 6 subclause (c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the applicant immediately on disposal of such application. (6) In case any application is not found eligible for Automatic approval in accordance with paragraph 6, the decision regarding the same shall be immediately communicated to the applicant. 6. Criteria for automatic approval. - An undertaking which seeks approval under paragraph 5, shall fulfil the following conditions, namely:- (a) The minimum area required to be developed for an Industrial Model Town shall be 1000 acres: Provided that minimum area for specified industrial park referred to in clause (b) and (c) of paragraph 4 may vary depending upon their activities; (b) The project referred to in clauses (a), (b) and (c) of paragraph 4 shall have provision for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Model Town, Industrial Park and Growth Centre, the minimum investment on infrastructure development shall not be less than 50% of the total project cost. In the case of an Industrial Park and Growth Centre 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; (f) No single unit referred to in column (2) of the Table given in the sub-paragraph (b) of paragraph 6 shall occupy more than fifty per cent. of the allocable industrial area of an industrial model town or industrial park or Growth Centre; (g) Every undertaking being an industrial park shall obtain approval for Foreign Direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofessional experts from Industry and Commerce as Co-opted members of the Committee and such co-opted members, however, shall not have any voting right. (3) The Empowered Committee shall consider each application on a case to case basis, subject to its complying with the statutory requirements as prescribed by the Ministry of Finance under the Income Tax Act, 1961 , and other applicable statutory rules/obligations. The Committee will consider each case on its merit and grant approval subject to such other conditions as may be deemed fit by it. However, in all cases of rejection of proposals, the applicants shall be afforded an opportunity of being heard by the Committee and the orders shall be passed and communicated within twelve weeks. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplying for approval shall undertake to continue to operate the Industrial Model Town or Industrial Park or Growth Centre during the period in which the benefits under the Act are to be availed. (4) In a case where an undertaking develops an industrial park on or after the 1 st day April, 1999 and transfers the operation and maintenance of such 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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