An undertaking developed and being maintained and operated by L & T Infocity Limited notified under section 80IA
Notification No. 447E- was published on 22 May 2001. Its subject is An undertaking developed and being maintained and operated by L & T Infocity Limited notified under section 80IA.
| Under the 1961 Act | Now |
|---|---|
| s.80IA | no counterpart recorded |
Notification No. S. O. 447(E), dated 22nd May, 2001.
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, in the notification of the Government of India in the Ministry of Industry and Commerce (Department of Industrial Policy and Promotion) vide No. S.O. 1201(E), dated 1st December, 1999, for the period beginning on the 1st day of April, 1997, and ending on the 31st day of March, 2002.
And whereas L & T Infocity Limited having its registered office at 1Q4Al, First Floor, Cybre Tower Hitech City, Madhapur, Hyderabad-500 023, has developed, maintains and operates an industrial park dealing with Software Supply Services, Business and Management, Technical Consultany Services and other related matters.
And whereas the Central Government has approved the said industrial park subject to certain terms and conditions mentioned in the schedule 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 an undertaking developed and being maintained and operated by L & T Infocity Limited, as an industrial park for the purposes of the said clause.
SCHEDULE
The terms and conditions on which the approval of the Government of India has been accorded for setting up of an industrial park by the L & T Infocity Limited.
1. (i) Name of the promoter/industrial undertaking: L & T Infocity Limited.
(ii) Proposed location: Madhapur village, Serilijigam Palli
Municipality Dist : Hyderabad
State: Andhra Pradesh
Pin Code: 500 033
Tel. No. 040 310217 to 19
Fax No. 040 3110216
(iii) Proposed area of industrial park: 146.09 acres
(iv) Proposed activities NIC Code 892,893,894
Software Supply Services;Business and
Management;Technical Con sultancy Services
and other related matters
(v) Percentage of allocable area proposed
for industrial use : 91 per cent.
(vi) Percentage of land earmarked for
commercial use: 9 per cent.
(vii) Proposed number of industrial units 38 units
(viii) Total investments proposed (amount
in rupees): 15,00,00 lakhs
(ix) Investment on built-up space for
industrial use (amount in rupees): 11,50,00 lakhs.
(x) Investment on infrastructure development
(amout in rupees): 14,00,00 lakhs
2. The minimum percentage of the area to be allocated for industrial use shall not be less than 66% 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 facili ties 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 telecommunica tion installations, etc.
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 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. Approval for foreip 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. L&T Infocity Limited, Hyderabad, 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 L & T lnfocity Limited, Madhapur, Hyderabad, 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, of failure on the part of the applicant to disclose any material fact, will invalidate this notification.
Notification No. 130/2001/F. No. 178/96/99-ITA-I]
Source: the Income Tax Department’s own published text — its page for this instrument.