Industrial Park operated by M/s. Bagmane Developers Private Limited notified for the purposes of section 80-IA(4)(iii) of the Income-tax Act, 1961 - 134/2005 - Income Tax

Industrial Park operated by M/s. Bagmane Developers Private Limited notified for the purposes of section 80-IA(4)(iii) of the Income-tax Act, 1961 Notification No. 134/2005, Dated 28-4-2005 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 said Act), has framed, and notified a scheme for industrial park, by the notification of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide S.O. 354(E) dated the 1 st April, 2002, for the period beginning on the 1 t day of April, 1997 and ending on the 31 st day of March, 2006; And whereas M/s. Bagmane Developers Private Limited having its registered office at No.7/2, LangfordGardens, Bangalore-560 025, has developed, maintains and operates an industrial park; And whereas the Central Government has approved the said Industrial Park subject to terms and conditions mentioned in the annexure to this notification; Now, therefore in exercise of the powers conferred by clause ( iii ) of subsection (4) of section 80 IA of the said Act, the Central Government hereby notifies the undertaking, developed and being maintained and operated by M/s. Bagmane Developers Private Limited, Bangalore, 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 M/s. Bagmane Developers Private Limited 1. ( i ) Name of the Industrial Undertaking : M/s. Bagmane Developers Pvt. Limited ( ii ) Proposed location : Address: Bagmane Enclave, Khatha No. 66/1, C.V. Raman Nagar, K.R. Puram Hobli, Bangalore South, Karnatka. District : Bangalore South State : Karnataka Pin Code: Tel No.: Fax No.: ( iii ) Proposed area of Industrial Park : 52 acres ( iv ) : Proposed activities Nature of industrial activity with NIC code NIC Code Description S. No. Section Division Group Class A 8 89 892 - Software supply services B 3 36 367 - Hardware manufacturing C 3 36 365 365.5 Telecom manufacturing ( v ) Percentage of allocable area proposed for industrial use : 95% ( vi ) Percentage of land earmarked for commercial use : 05% ( vii ) Proposed number of industrial units : 35units ( viii ) Total investments proposed (Amount of Rupees) Rs. 220.0 crore ( ix ) Investment on built up space for industrial use (Amount of Rupees) : Rs. 120.0 crore ( x ) Investment on Infrastructure Development including Investment on built up space for industrial use (Amount in Rupees) : Rs. 220.0 crore 2. The minimum percentage of the area to be allocated for industrial use shall not be less than sixty-six percent of the total allocable area. 3. Industrial use shall include any activity defined in the National Industrial Classification 1987, code issued by the Central Statistical Organisation, Department of Statistics, Ministry of Planning and Programme Implementation, except the following codes: Section 0 Section 1 Section 5 Section 7 excluding Division 75 Section 8 excluding Groups 892, 893,894,895 Section 9 Section X Section XI 4. The percentage of land to be earmarked for commercial use shall not be more than ten percent of the allocable area. 5. In case of an IndustrialModelTown, 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. 6. 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. 7. 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 1 st April, 2002, shall occupy more than fifty percent of the allocable industrial area of an Industrial Model Town or Industrial Park or Growth Centre. For this purpose a unit means any separate and distinct entity for the purpose of one and more state or Central tax laws. 8. 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. 9. M/s. Bagmane Developers Pvt. Limited, Bagmane Enclave, Khatha No.66/1, C.V. Raman Nagar, K.R. Purm Hobli, Bangalore South Karnataka shall continue to operate the Industrial Park during the period in which the benefits under clause ( iii ) of sub-section (4) of section 801A of the Income-tax Act, 1961 are to be availed. 10. The Central Government may withdraw the above approval in case the Bagmane Developers Private Limited, Bangalore fail to comply with any of the conditions in the grant of approval. 11. 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. [F. NO. 178/24/2004-ITA-l]