Industrial park by M/s. Vanenburg IT Park Private Limited notified - 262/2005 - Income Tax

Industrial park by M/s. Vanenburg IT Park Private Limited notified Notification No. 262/2005 [F.No. 178/48/2004-IT(A-I)], dated 29-12-2005 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 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. Vanenburg IT Park Private Limited having its registered office at Plot No. 17. Software Units Layout, Madhapur, Hyderabad-500 033, has started developing, maintaining and operating an industrial park with effect from the 1st December, 1999; And whereas the Central Government has approved the said Industrial Park subject to the terms and conditions mentioned in the annexure to this notification; 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, developed and being maintained and operated by M/s. Vanenburg IT Park Private Limited, Hyderabad, as an industrial park for the purposes of the said clause (iii). 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. Vanenburg IT Park Private Limited 1. (i) Name of the Industrial Undertaking : M/s. Vanenburg IT Park Private Limited (ii) Proposed location : Address : Plot No. 17, Software Units Layout, Madhapur, Hyderabad. District : Hyderabad State : Andhra Pradesh Pin Code : 500 033 Tel No. : 91403110156/157 Fax No. : 91403540039 (iii) Particulars of persons proposed Investment in the scheme for holding more than 20% equity : Vanenburg Facilities BV Netherland holding 100% equity (previous name - Baan Facilities B.V. Netherland) (iv) Percentage of proposed equity investment : 100% (v) Total area of industrial park : 19.39 Acres (vi) Proposed activities Nature of Industrial activity with NIC Code NIC Code Description S.No. Section Division Group Class A 8 89 892 892.1 Software Consultancy Services B 8 89 892 892.2 Software Supply Services (vii) Percentage of allocable area proposed for industrial use : 100% (viii) Percentage of land earmarked for commercial use. : Nil (ix) Minimum number of industrial units : 4 Units (2 units each in phase I II) (x) Total investments proposed (Amount in Rupees) : 11,600 lakhs (xi) Investment on built-up space for industrial use (Amount in Rupees). : 5,300 lakhs (xii) Investment on Infrastructure Development including investment on built-up space for industrial use (Amount in Rupees) : 6,300 lakhs, i.e., 54% of the total investment as per (x) above. 2. The minimum percentage of the area to be allocated for industrial use shall not be less than sixty-six per cent 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 per cent of the allocable area. 5. In case of an Industrial Model Town, Industrial Park and Growth Centre, 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 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 per cent 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 1st April, 2002, shall occupy more than fifty per cent 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. Vanenburg IT Park Pvt. Limited, Plot No. 17, Software Units Layout, Madhapur, Hyderabad, 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. 10. The Central Government may withdraw the above approval in case the M/s. Vanenburg IT Park Pvt. Limited, Hyderabad 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.