TaxTMI 
TaxTMI 
Minutes of the 115th meeting of the Board of Approval for SEZs held on 17th June, 2023 in Chennai
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....d extension of validity of the Formal Approval for a further period of one year beyond 02.12.2022. Item No. 115.3: Requests for extension of validity of in-principle approval (2 proposals) 115.3(i) Request of M/s. NDR Infrastructure Private Ltd., Chennai, for second extension of validity period of In-Principle Approval granted for setting up of a Multi-Sector SEZ at Soorai Village & Aayal Village, Sholingar Taluk, Ranipet Dist., TN over an area of 50.58 Ha, for a further period of one year beyond 30.06.2023. The Board, after deliberations, approved extension of validity of the In-Principle Approval for a further period of one year. 115.3(ii) Request of M/s. Magnus Infrastructure Ltd. for extension of validity period of In-Principle Approval granted for setting up of a Multi-Sector SEZ at Neidavoyal Village, Ponneri Taluk, Thiruvallur District, TN, over an area of 50.58 Ha, for a further period of one year beyond 30.06.2023. The Board, after deliberations, approved extension of validity of the In-Principle Approval for a further period one year. 115.4: Request for extension of LoA of unit (1 proposal) 115.4 (i) Request of M/s. Algolog Systems Pvt. Ltd., a Unit in Ansal IT Cit....
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....k SEZ Developers Pvt. Ltd. for Co-Developer status in M/s. Phoenix Tech Zone Pvt. Ltd SEZ, Sy. No. 115/35 at Nanakramguda Village, Serilingampally Mandal, Telangana. The Board, after deliberations, deferred the proposal with direction to DC, VSEZ to re-examine the proposal in greater detail including aspects such as business model, capital employed, equity holding, net worth of co-developer, actual status of the company and its parent company, etc. 115.5(v) Request of M/s Evermark Spaces Pvt. Ltd. for Co-Developer status in M/s. Phoenix Tech Zone Pvt. Ltd SEZ, Sy. No. 115/35 at Nanakramguda Village, Serilingampally Mandal, Telangana. The Board, after deliberations, deferred the proposal with direction to DC, VSEZ to re-examine the proposal in greater detail including aspects such as business model, capital employed, equity holding, net worth of co-developer, actual status of the company and its parent company, etc. 115.6: Request for addition area approval of co-developer (8 proposals) 115.6(i) Request of M/s. Bakeri Residences LLP for amendment in area by addition of space in Co-Developer Approval of Residential Building in the dual use nonprocessing Area in GIFT-Multi Servic....
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....anpur, District Gandhinagar, Gujarat, developed by M/s. GIFT SEZ Limited. The Board observed incongruity in the proposed investment and net-worth of the Codeveloper. Accordingly, the Board, after deliberations, deferred the proposal with direction to DC, GIFT SEZ to re-examine the proposal in greater detail. 115.6(iv) Request of M/s. Cybage Software (Private) Limited, Gandhinagar for addition of space in the approval as a Co-Developer within the processing Area of GIFT-Multi Services SEZ at Ratanpur, District Gandhinagar, Gujarat, developed by M/s. GIFT SEZ Limited. The Board, after deliberations, approved the proposal of Ws. Cybage Software (Private) Limited for addition of 4789.94 square feet for basement parking area & 7531.46 square feet for other utilities) in accordance with the Co-developer agreement dated 13.04.2023 entered into with the developer subject to standard terms and conditions as per the SEZ Act and Rules. Further, the Assessing Officer will have the right to examine the taxability of the income by way of lease rentals/down payment/premium etc. for the purpose of assessment under the prevalent Income-tax Act, 1961 and Income-tax Rules, 1962 as amended from tim....
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....facilities at Phase-I Building and convert the same to office space in accordance with the Co-developer agreement dated 26.05.2023 entered into with the developer subject to standard terms and conditions as per the SEZ Act and Rules. Further, the Assessing Officer will have the right to examine the taxability of the income by way of lease rentals/down payment/premium etc. for the purpose of assessment under the prevalent Income-tax Act, 1961 and Income-tax Rules, 1962 as amended from time to time. The lease period shall be in accordance with DoC's Instruction No. 98 dated 29th August, 2019. The other conditions of the LOA shall remain the same. 115.6(viii) Request of M/s. ANSR Global Corporation Pvt. Ltd. for increase in area of their co-developer area in M/S. Phoenix Tech Zone Pvt. Ltd. at Sy. No. 203(P), Manikoda Village, Rajendra Nagar Mandal, Telangana The Board, after deliberations, approved the proposal of M/s. ANSR Global Corporation Pvt. Ltd. for additional area 0.52 Ha (55,538 sq. ft.) to undertake the authorized operations of conversion of warm shell buildings into fully fitted office space and to lease built up space in the SEZ as contracted in accordance with the ....
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....SEZ unit under CSEZ) had applied for Industrial License under IDR Act, 1951 for manufacturing of the following items: i. Sub Module for communication equipment including Antenna ii. Microwave components and Modules for RADAR and EW subsystems iii. Assembly and Testing of Microwave Modules Further, D/o of Defence Production informed that the item No. (iii) namely "Assembly and Testing of Microwave Modules" is already covered under item No. (ii). Therefore, no separate license is required for the same. Accordingly, the Board, after deliberations, approved the proposal of the Unit in respect of the Item Nos. (i) and (ii) subject to the following terms and conditions: - i. Obtaining other relevant clearances from any other statutory/regulatory bodies and ii. Stipulations with respect to the monitoring, security audit, other compliance verification mechanisms and consequential requirements as per the Security Manual issued by Department of Defence Production shall be undertaken by Ministry of Defence and Ministry of Home Affairs as specified in the said Manual who shall be informed of the same. Decision on Supplementary Agenda 115.11: Request for extension of Lo....
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....ocessing Area of GIFT SEZ in accordance with the Co-developer agreement dated 08.05.2023 entered into with the developer subject to standard terms and conditions as per the SEZ Act and Rules. Further, the Assessing Officer will have the right to examine the taxability of the income by way of lease rentals/down payment/premium etc. for the purpose of assessment under the prevalent Income-tax Act, 1961 and Income-tax Rules, 1962 as amended from time to time. The lease period shall be in accordance with DoC's Instruction No. 98 dated 29th August, 2019. The other conditions of the LoA shall remain the same. 115.13: Appeal (2 cases) 115.13(i) Appeal filed by M/s. Sehar Overseas against the UAC decision regarding rejection of application for inclusion of additional items in their LoA without mentioning sufficient and appropriate reasons. The Board heard the appellant and, after deliberations, remanded the matter back to DC, Noida SEZ with direction to give a personal hearing to the appellant, take appropriate decision through UAC and pass a detailed speaking order based on findings. 115.13(ii) Appeal filed by M/s. Plastic Processors & Exporter Pvt. Ltd. against the Order dated 21....