U/s. 80-IA of the IT Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc. - 37/2015 - Income Tax

[To be published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii)] Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes NOTIFICATION NO. 37/2015 New Delhi, the 10 th April, 2015 Whereas the Central Government (Ministry of Commerce and Industry) in exercise of the powers under the Industrial Park Scheme, 2002 (hereinafter referred to as the Scheme), as notified vide number S.O. 354(E) dated the 1 st April 2002, had granted approval vide letter No.15/13/05-IP ID dated 17.02.2005 to the undertaking being developed, maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey No.5, 15, 17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh as an Industrial Park; And whereas, the Central Government (Ministry of Finance, Department of Revenue, CBDT) 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 Act ) had notified the undertaking being developed and being maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey No. 5, 15, 17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh as an Industrial Park for the purposes of the said clause (iii), vide notification of the Government of India in the Ministry of Finance, Department of Revenue, vide number S.O. No. 3466, dated the 21st August 2006 published in the Gazette of India, Part II, section 3, sub-section (ii) ; And whereas M/s Meenakshi Infrastructure Private Ltd., Hyderabad vide their letter dated 2 nd August, 2006 filed an application for transfer of Operation and Maintenance of the Industrial Park named E Park at Hyderabad to M/s Vijay Infotech Ventures, Secunderabad; And whereas, the Central Government (Ministry of Commerce Industry) vide letter no.15/13/05-IP ID dated 9th August, 2006 considered the request of the undertaking for transfer of operations and maintenance to M/s Vijay Infotech Ventures, Secunderabad, Andhra Pradesh; And whereas the Central Government (Ministry of Commerce Industry) vide letter no/15/12/2006-ID dated 10.4.2007, approved amendment at para 7(vii) to the approval accorded vide approval no. 15/13/2005-IP ID dated 17 th February, 2005; And whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter no. 15/12/2006-IP ID dated 6th February, 2014 has rejected further amendment to the terms and conditions laid down vide its letter no. 15/12/2006-ID dated 10 th April, 2007; And whereas, the undertaking has failed to adhere to the terms and conditions as laid down in the Industrial Park Scheme and by the Central Government vide the Ministry of Finance, Department of Revenue's Notification Number S.O.No.3466, dated the 21 st August 2006 published in the Gazette of India, Part II, section 3, sub-section (ii) and Ministry of Commerce and Industry, Department of Industrial Policy and Promotion's approval letter no.15/12/2006-ID dated 10 th April, 2007; Now, therefore the Central Government, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Act read with section 21 of the General Clause Act, 1897 (10 of 1897), hereby rescinds the said Notification No. S.O. 3466, dated the 21st August 2006 issued in the case of the undertaking with effect from 21st August 2006. [F.NO.178/72/2006-ITA-I]