Undertaking notified under section 80
Notification No. 11267 was published on 14 March 2000. Its subject is Undertaking notified under section 80.
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) number S.O. 1201(E), dated the 1st December, 1999 [(2000) 158 CTR (St) 43], for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002;
And whereas M/s International Tech Park Limited having its registered office at International Tech Park Whitefield Road, Bangalore-560066, 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 excise 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 International Tech Park Limited, as an industrial park for the purpose of the said clause.
ANNEXURE
The terms and conditions on which the approval of Government of India has been accorded for setting up of an industrial park by the International Tech Park, Bangalore.
1. (i) Name of the Promoter/ Industrial Information Technology Park Undertaking Limited
(ii) Proposed location Address : International Tech Park, Whitefield Road Distt. : Bangalore State : Karnataka Pin Code : 560 066 Tel. No. : 841 0570 Fax No. : 841 0588
(iii) Proposed area of Industrial Park 14,86,897.5 Sq. ft.
(iv) Proposed activities National Industrial Classification 1987 Code,
Section 4, section 6, section 7 (division 75 only) and section 8 (Group 892, 893, 894 and 895 only).
(v) Percentage of allocable area proposed 91% for industrial use
(vi) Percentage of land ear-marked for 09% commercial use.
(vii) Proposed No. of industrial units 100 units
(viii) Total investments proposed 561.57 crores (Amount in rupees)
(ix) Investment on built up space for 343.95 cores Industrial use (Amounts in Rupees).
(x) Investment on Infrastructure 413.91 crores Development. (Amount in Rupees)
2. The minimum percentage of the area to be allocated for industrial use shall not be less than 66 per cent of the total allocable area. The allocable area will mean the net area, which is available for allocation for industrial, commercial or residential purpose and will exclude such area as is used for provision of common facilities like power, telecom, roads, green belt, In case of an industrial park which is making available the built up space, the allocable area will mean the net floor area which is available for allocation and will exclude the built up space used for locating common facilities like air-conditioning and other telecommunication installations.
3. Industrial use shall include any activity defined in the National Industrial Classification 1987 code except the following codes :
Section 0 Section 1 Section 5 Section 7 excluding Division 75 Section 8 excluding Group 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 10 per cent of the allocable area.
5. In case of an Industrial Model Town and industrial park, the minimum investment on infrastructure development shall not be less than 50 per cent of the total project cost. In the case of a project of an industrial park 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 cost.
6. Infrastructure development shall include expenditure on common facilities like roads (including approach roads), water supply and sewerage, common effluent treatment facility, generation and distribution of power for use of the units to be located in the Industrial Model Town/industrial park, telecom network, etc. 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 in any project shall occupy more than 50 per cent of the allocable industrial area of an Industrial Model Town/industrial park. For this purpose a unit means a separate taxable entity.
8. Necessary approvals including that for Foreign Direct Investment Non-resident Indian Investment by the Foreign Investment Promotion Board/Reserve Bank of India, shall be taken separately as per the policy and procedure in force.
9. Information Technology Park Limited, International Tech Park, Whitefield Road, Bangalore shall continue to operate the industrial park during the period in which the benefits under section 80-IA of the Income-tax Act are to be availed.
10. The Central Government may withdraw the above approval in case the Information Technology Park Limited, International Tech Park, Whitefield Road, Bangalore fail to comply with any of the conditions stated above.
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 this notification.
[F. No. 178/9/2000-ITA-I]
Source: the Income Tax Department’s own published text — its page for this instrument.
