Notification No. 61

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' [TO BE PUBLISHED IN PART-II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF
INDIA]
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the +2~tJuly, 2010.
Notification (INCOME-TAX)
S:O: 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, vide notification of the Government of India in the Ministry of
Commerce and Industry (Department of Industrial Policy and Promotion)
number $.0.193(E), dated the 30" March, 1999, for the period beginning on the
1st day of April, 1997 and ending on the 31! day of March, 2002 and vide number
S.0. 354(E) dated the 15 day of April, 2002, for the period beginning on the 1*
day of April, 1997 and ending on the 315 day of March, 2006;

And whereas M/s. Krishna Developers Private Limited having its registered office at 508, Gundecha Chamber, Nagindas Master Road, Fort, Mumbai- 400
023, is developing an Industrial Park at Corporate Centre IT Park, Corporate
Centre, CTS No. 271, Village Kondivite, Andheri (E), Mumbai-400 059;

And whereas the Central Government has approved the said Industrial
Park vide Ministry of Commerce and Industry letter No. 15/31/2004-IP&ID dated
02-12-2004 and later amended vide letter No. 15/31/2004-IP&ID dated 05-05-2005
subject to the terms and conditions mentioned in the annexure to this notification;

Now, therefore, in exercise of the fowers conferred by clause (iii) of sub-
section (4) of section 80-IA of the said Act, the Central Government hereby notifies the undertaking, being developed and being maintained and operated by M/s. Krishna Developers Private Limited, Mumbai, as an industrial park for the purposes of the said clause (iii).

8. In case the commencement of the Industrial Park is delayed by more than one year from the date indicated in paragraph 1, sub-paragraph (xi) of this notification, fresh approval will be required under the Industrial Park Scheme,
2002 or any other Industrial Park Scheme as may be applicable, for availing benefits under clause (iii) of sub-section 4 of section 801A of the Income Tax
Act, 1961.

9. The approval will be invalid and M/s. Krishna Developers Private Limited,
Mumbai, shall be solely responsible for any repercussions of such invalidity, if

(i) the application on the basis of which the approval is accorded by the Central Government contains wrong information or misinformation or some material information has not been provided in it;

(ii) it is for the location of the industrial park for which approval has already been accorded in the name of another undertaking.

10.In case M/s. Krishna Developers Private Limited, Mumbai, transfers the operation and maintenance of the industrial park (i.e., transferor undertaking)
to another undertaking (i.e., the transferee undertaking), the transferor and transferee shall jointly intimate to the =ntrepreneurial Assistance Unit of the
Secretariat for Industrial Assistance, Department of Industrial Policy and
Promotion, Udyog Bhawan, New Delhi-1] along with a copy of the agreement executed between the transferor and transferee undertaking for the aforesaid transfer.

11. The conditions mentioned in this notification as well as those included in the
Industrial Park Scheme, 2002 should be adhered to during the period for which benefits under this scheme are to be availed.

12.The Central Government may withdraw the above approval in case M/s.
Krishna Developers Private Limited, Mumbai, fails to comply with any of the conditions.

13. 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 the approval of the industrial park.

[Notification No. 6//2¢)5 F.No. 178/1 42/200%4iTA
(-

(PADAM SINGH)

Unde: Secretary to the Government of India

To

The Manager,

Government of India Press,

Ring Road, Mayapuri Industrial Area,

(Near Rajouri Garden), New Delhi.