TaxTMI 
TaxTMI 
Minutes of the 79th meeting of the. Board of Approval for SEZ held on 18 September 2017 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....No. 79.2 Requests for extension of LOA beyond 3rd Year onward (2 proposals) (i) Request of M/S. CHL Ltd. in the Noida SEZ for extension of Letter of Permission (LOP) beyond 28/04/2017 upto 28/04/2018. The Board, after deliberations, rejected the proposal as the track record and details of proposal did not reflect financial credibility. (ii) Request of M/S. JBF Petrochemicals Limited, a unit in Mangalore (Multi Product) SEZ at Mangalore, Bangalore for extension of LOP beyond 15th September, 2017. The Board, after deliberations, approved extension of the validity of the LOP up to 15th September, 2018. Item No. 79.3 Requests for co-developer (4 proposals) (i) Request of M/S. Muthoot Infopark Private Limited, Kochi for Co-developer status in the Infopark SEZ (Phase Il) for construction of IT/ITES Building, Business Incubation Centers, IT Business Centers, Food Court, Parking facility, ATMs, Conference Hall and other Infrastructure/facilities over an area of 9.37 acres in above IT/ITES SEZ. The Board, after deliberations, approved the proposal of M/S. Muthoot Infopark Pvt. Ltd. for construction of IT/ITES Building, Business Incubation Centers, IT Business Centers, Food Court, Par....
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....s (Renewable). Item No. 79.4 : Change of Shareholding Pattern Cases (2 proposals) Addl DGEP, Dept. of Revenue observed that in cases of Change in Shareholding pattern, it was decided in the 74th BoA meeting held on 07.01.2017 that suitable provisions will be brought in SEZ Rules to allow such changes. However, so far the same was not completed and the proposals are being considered. On the issue, it was decided that amendment to SEZ Rules will be pursued vigorously and no such proposal would be considered by the BoA after this meeting till the amended Rules are notified. Thereafter the following proposals were considered. (i) Request of M/S. Diamond Nation, Plot No.106, 107, 148, 149 & Unit No.406 on Plot 248 a unit in Surat SEZ, for transfer of shares exceeding 50% to another entity. The Board, after deliberations, approved the proposal for transfer of shares exceeding 50% to another entity subject to following conditions:- i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; ii) Fulfilment of all eligibility criteria applicable to unit, including security clearances etc., by the altered unit entity and i....
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....r deduction under relevant sections of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. Item No. 79.5 : Miscellaneous Cases (7 proposals) (i) Request of M/S. Zafin Infra Private Limited, co-developer in the sector specific SEZ for IT[ITES being developed by M/S. Electronics Technology Parks SEZ Ill-Kerala at Attipra Village, Thiruvananthapuram for cancellation of co-developer status. The Board, after deliberations, approved the proposal of M/S. Zafin Infra Private Limited for cancellation of co-developer status subject to the co-developer furnishing the certificate from Specified Officer that co-developer has not availed financial benefits. (ii) Proposal of M/s. Kings Canyon SEZ Pvt. Ltd., Co-developer of IT/ITES SEZ of M/S. ASF Insignia SEZ Pvt. Ltd. at Village Gwal Pahari, Gurgaon (Haryana) for change of shareholding pattern of the compan....
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....quity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v) The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The co-developer shall furnish details of PAN and jurisdictional assessing officer of the co-developer to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. (iv) Proposal of M/S. ASF Insignia SEZ Pvt. Ltd., Developer of IT/ITES SEZ at Village Gwal Pahari, Gurgaon (Haryana) - Proposal for change of shareholding pattern of the company - regarding. The Board, after deliberations, approved the request for change of shareholding pattern of the company, subject to the following conditions:- i) ....
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....loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The developer shall furnish details of PAN and jurisdictional assessing officer ofthedeveloper to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. (vi) (a) Request of M/S. Platinum Holdings Pvt. Ltd. (Chennai) Developer of Sector Specific SEZ for IT/ITES at Abu Garden, OMR Road, Navalur, Chennai, Thiruvallur District, Tamil Nadu for Revocation of cancellation of formal approval. (b) Request of M/S. Platinum Holding Pvt. Ltd for further extension of the validity period of formal approval, granted for setting up of IT/ITES,SEZ at Navalur, Chennai beyond 05.05.2016. (c) Request of M/S. Platinum Holding Pvt Ltd., a unit in Navalur SEZ, for transfer of shares exceeding 50% to another entity. The Board, after deliberations, deferred the above three prop....
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....of NSEZ. The Board, therefore, rejected the Appeal. (ii) Appeal of M/S. Shri Lal Mahal Ltd. (SLML), a unit in NSEZ against order dated 23.05.2017 passed by UAC, NSEZ. The Board noted that the Approval Committee had cancelled the LOA of the unit under Section 16(1) of the SEZ Act. It was also noted that the Approval Committee had afforded a reasonable opportunity of being heard to the Unit as revealed from the fact that the representative of the unit appeared in the Approval Committee meeting held on 3.5.17. It was also noted that Sh. Rajesh Gupta, Authorized representative of the company appeared before the Approval Committee and had stated and also submitted in writing that the company was of the view that if an explanation is given to Show Cause Notice issued by NSEZ, the same could be used by DRI against them. It was observed that the Unit had removed from the Unit located in NSEZ about 196 Kg of gold for job work and had not returned the same within the period of 120 days stipulated in Rule 42 of the SEZ Rules, 2006. Therefore, the Specified Officer, NSEZ had concluded that there were persistent violation of the SEZ Rules, 2006 by the Unit. The Appellant during the BoA me....
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....tronics Corporation of Tamil Nadu Limited for further extension of the validity period of Letter of Approval, granted for setting up of IT/ITES SEZ at Gangaikondan, Tirunelveli, beyond 07/05/2017 The Board, after deliberations, extended the validity of the formal approval up to 7th May, 2018. (iii) Request of M/S. Electronics Corporation of Tamil Nadu Limited for further extension of the validity period of Letter of Approval, granted for setting up of IT/ITES SEZ at Viswanathapuram beyond 07/05/2017 The Board, after deliberations, extended the validity of the formal approval up to 7th May, 2018. (iv) Request of M/S. Metro Valley Business Park Pvt. Ltd. for further extension of the validity of formal approval, granted for setting up of IT/ITES SEZ at 5th milestone, Village Gwal Pahari, Gurgaon-Faridabad Road, Distt. Gurgaon (Haryana) beyond 05.05.2015. The Board, after deliberations, noted that as per the Minutes of the 78th Meeting of the BoA held on 03.7.2017, the Government of Haryana was required to send a report in the matter by 31.72017. As no reply had been received from the Government of Haryana till 15.9.2017, the Board approved extension of validity of the formal ap....