TMI BlogMinutes of the 81th meeting of the. Board of Approval for SEZ held on 05 February 2018 to consider setting up of Special Economic Zones and other miscellaneous proposalsX X X X Extracts X X X X X X X X Extracts X X X X ..... erved that extensions may not be granted as a matter of routine unless some progress has been made on ground by the developers. The Board, therefore, after deliberations, extended the validity of the formal approval to the requests for extensions beyond fifth years for a period of one year and those beyond sixth year for a period of 6 months from the date of expiry of last extension. (i) Request of M/s. TCS Ltd. SEZ Indore for further extension of the validity period of formal approval, granted for setting up of sector specific IT/ITES SEZ at Indore, Madhya Pradesh, beyond 28 th February 2018. The Board, after deliberations, approved extension of the validity of the formal approval up to 28 th February, 2019. (ii) Request of M/s. G.P. Realtors Pvt. Ltd. for further extension of the validity of formal approval granted for setting up of Electronic Hardware IT/ITES SEZ at Village Behrampur, Balola Bandhwari, Distt. Gurgaon (Haryana) beyond 25.01.2018. The Board, after deliberations, approved extension of the validity of the formal approval up to 25 th January, 2019. (iii) Proposal of M/s. Mahindra World City (Jaipur) Ltd. for extension in the validity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he LoP up to 28 th February, 2019. (ii) Request of M/s. Icreon Communications Pvt. Ltd. (Unit-II) in the Noida SEZ for extension of Letter of Permission (LOP) beyond 28/02/2018 upto 28/02/2019. The Board, after deliberations, approved extension of the validity of the LoP up to 28 th February, 2019. (iii) Request of M/s. Kusum Healthcare Pvt. Ltd. in Indore SEZ for extension of Letter of Permission (LOP) beyond 28.02.2018 for one year upto 28.02.2019 The Board, after deliberations, approved extension of the validity of the LoP up to 28 th February, 2019. (iv) Extension in validity of Letter of Approval dated 06-02-2013, issued to M/s. Macson Colorchem Pvt Ltd., Dahej-SEZ, Bharuch, Gujarat. The Board, after deliberations, approved extension of the validity of the LoP up to 5 th February, 2019. Item No. 81.3 Requests for co-developer (4 proposals) (i) Request of M/s. Synergy Infotech Pvt. Ltd. for Co-developer status in MIDC IT/ITES SEZ, Rajiv Gandhi Infotech Park, Phase-III, Hinjewadi, Pune for construction of buildings and related infrastructure for IT/ITES Units, Development of space of IT/ITES Unit and all default authorized operations for are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing services at Black Canyon Undertaking, and it further also includes providing / leasing spaces / infrastructure so constructed / developed within Black Canyon Undertaking to eligible tenants and management of such tenancies in the processing area of SEZ in accordance with the co-developer agreement entered into with the developer, subject to standard terms and conditions as per SEZ Act and Rules provided that the lease period does not exceed 30 years (Renewable). Item No. 81: Proposals for setting up of SEZs (one proposal) (i) Request of M/s. Adani Power (Jharkhand) Limited for In-Principle approval for setting up of a sector specific SEZ for Power at Godda District, Jharkhand, over an area of 425 hectares. The Board noted that the proposal was inconsistent with the Power Guidelines dated 16.02.2016 and also that there was no recommendation from the State Government and after deliberation, decided not to approve the proposal. Item No. 81.4: Change of Shareholding Pattern Cases (12 proposals) (i) Request of M/s. Ameks Techfab Pvt. Ltd. for extension of LoA; 100% change in shareholding pattern with change in Directors and grant of Industrial License The B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc, iv) Full financial details relating to change in equity/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 unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. (iv) Request of M/s Goldmine Overseas, a unit in Moradabad SEZ at Plot G-61, Pocket-A, SEZ Moradabad for transfer of shares exceeding 50% to another entity. The Board approved the proposal subject to following conditions:- i) Seamless continuity of the SEZ activities with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cable 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 unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. (vi) Proposal of M/s. Sopra India Pvt. Ltd., a unit in IT/ITES SEZ of M/s. Seaview Developers Pvt. Ltd., Plot No. 20 21, Sector-135, Noida for transfer of shares exceeding 50% to another entity consequent to scheme of amalgamation of M/s. Sopra India Pvt. Ltd. with M/s. Steria (India) Ltd approved by The National Company Law Tribunal, Principal Bench at New Delhi vide Order dated 16/29.08.2017. The Board approved the proposal 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 units including security clearances etc., by the altered unit entity and its constituents; iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich was in the same pattern. The Board however, did not agree to the same and directed that the matter may be examined and a decision may be taken for such cases. (viii) Request of M/s. EY Global Delivery Services India Private Limited, a unit in Infopark SEZ, Kakkanad, Kinfra IT/ITES SEZ, Thiruvananthapuram and Bagmane Developers Pvt. Limited SEZ (II), Bangalore for transfer of shares exceeding 50% to another entity and change in constitution from Private Limited to Limited Liability Partnership. The Board approved the proposal 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 its constituents; iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vt. Ltd. ii) 100% transfer of shares from M/s. Embassy Office Parks Ltd. to Embassy Office Parks REIT iii) Consequent upon transfer of 100% shares to M/s. Embassy Office Parks REIT, the name of the SEZ will be in the name of M/s. Embassy Office Parks Pvt. Ltd. The Board noted that the amalgamation was approved by the NCLT in its order dated 07.08.2017 and also that the proposal (iii) above was same as (i) above and therefore decided to approve the proposals at (i) and (ii) above subject to following conditions:- i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii) Fulfilment of all eligibility criteria applicable to developer, including security clearances etc., by the altered developer entity and its constituents; iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc, shall be furnished immediately to Member (IT), CBDT, Department of Revenue and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filment of all eligibility criteria applicable to unit, including security clearances etc., by the altered unit entity and its constituents; iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains. equity change, transfer, taxability etc. iv) Full financial details relating to change in equity/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 unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. Item No. 81.5 Miscellaneous Cases (10 proposals) (i) Request of M/s ANSR Global Corporation Pvt. Ltd. (formerly kn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Maharashtra, CIDCO and the Developer were in the process of resolving certain operational and regulatory issues which would take some time and had therefore requested that the case may be deferred. The BOA had then allowed extension of formal approval to the eight SEZs up to 30.08.2017 with a direction that the operational and regulatory issues may be resolved by that date, failing which the SEZs would automatically stand de-notified. Further, in the 79th BoA meeting held on 18/09/2017 the Board took note of CIDCO letter dated 16.09.2017 that the State Government of Maharashtra (UDD) and NSMEZ were in the process of resolving certain operational and regulatory issues. CIDCO has informed that the matter was referred to Advocate General of State on 06.10.2016 for legal advice on issues which may be resolved within a period of four months. The representative of the Government of Maharashtra present in the meeting stated that the Government of Maharashtra was seeking extension of three more months for resolving the issues. The Board, after deliberations, approved extension of validity of formal approval for setting up of above eight SEZs by Navi Mumbai SEZ Pvt. Ltd. (NMSEZ) for fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort all its items excluding rejects and sales in the DTA as per provisions of the SEZ Scheme. It was also noted that the Appellant had approached the UAC KASEZ for approval for allowing DTA clearance of rejects i.e. wipers on the ground that they were not importing the worn/ used clothing from outside India. However, as per Section 2(o) of SEZ Act, 2005 procurement from units in SEZs are also import. Therefore, the contention of the unit that they are different from other units operating under Policy guidelines dated 17.9.2013 in respect of Used and Worn Clothing Units is not tenable. Therefore the Board, decided that the appeal is liable for rejection. Annexure - I List of Participants for the Meeting of the Board of Approval for Special Economic Zones held on 5th February, 2018 under the Chairpersonship of Commerce Secretary, Department of Commerce. 1. Ms. Rita Teaotia, Chairperson, BoA Commerce Secretary, Department of Commerce 2. Shri Alok Vardhan Chaturvedi, DG, DGFT 3. Shri Sunil Kumar, Additional Secretary, Department of Commerce 4. Smt. Deepshikha Sharma, Addl. (CIT) OSD, CBDT, Department of Revenue, Ministry of Finance 5. Shri Saroj Kumar Be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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