Notification No. 44/2015

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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 8 May, 2015
NOTIFICATION
(INCOME-TAX)
3.0. Whereas the Central Government in exercise of the powers conferred by clause ili] of subsection(4} of section BHA of the Incame-tax Act. 1961143. of
1761} (hereinafter referred to as the said Act}, has framed and notified a s¢hame for industrial park, by the notifications of the Government of india vide number _
sO, 50 (E), doted ithe 8thyn January, 2008 subsequently amended vide
Notification No. $.0. 1405 (E}, dated ane July 2098 and vide Notification §.0. No,
1210 (E) dated 71.5.2010.

And whereas M/s Dost] Corporation (Pinnacte) having its registered office at Lawrence & Mayo House, let Floor, 276, Dr. DN. Rood, Fort, Mumbai is developing on Industrial Pork named “Dosti Pinnacle" placed af Plot No:E-7,
MIDC, Road No.Z2, Wale Industrial Area. Panchpakhdi, Thane [(West},
Maharashtra,

Now, therefore, in exercise of the powers conferred by clause (ili) of sub-
section (4) of section 8O-1A of fhe said Act, the Central Government hereby nofifies the undertaking from the date of cammencement ie. 27.03.2011, being developed ond being maintained and operated by M/s Dosti Corporation
{Pinnacle}, as an undértaking and the Project nomed “Desti Pinnacle" placed at
Plot No, E-7, MIDC, Road No.22, Wogle Indusirial Area, Panchpakhdi, Thane (West), Maharashtra for the purposes of the said clause iii) subject to the tenns

and conditions mentioned in the annexure of the notification.
Contd on page 2/-
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ANNEXURE
The terms and conditions on which the approval of the Government of Inelia has been accorded for setting up of on industrial park by M/s. Dosti Corporation
[Pinnocle), Mumbai, (i) Name of the Industrial : Dosti Corporation (Pinriacle), Mumbai tii) Proposed location E-7, MIDC, Road No.22, Wagle Industrial
Area, Panchpakhdi, Thane [Wesf},
Maharashtra (ii) Minimum Constructed
Floor Area 15,000 square meters, iv) Proposed industrial : As detined in Industrial Park activities Scheme, 2008
[v] Percentage of ollocable - fom OF More area earmarked for
Industial use (vi) Percentage of allocable = 10% or less area earmarked for commercial we
[vil) Minirun number of >: 0 Units industrial winits (vii} Date of commencement: 27.03.2011 1
2.. The Industrial Park shall be consumed as developed on the date of commencement i.e. 29.03.2011 as mentioned in the Certificate furnished bry.
the undertaking ond issued by the Maharashtra Industrial Development
Cérporation, Thane,
3, The Industrial Park should be owned by one undertaking.
Contd on page 3/-

vf if 4, The tax benefits under the Act will be available to the undertaking only after
/ minimum number of thirty industrial units are located in the Industrial Park. For
/ the purpose of Computing the minimum number of industrial units, all units ofa
é Person and his associated enterprises will be treated as 4 single unit.

5. No industrial unit, alangwith the units of an associated enterprise, shall occupy more than twenty five percent of the allocable area.

6. The tax benefits under the Act will be available only to the undertaking notified vide this notification and not to ony other person who may subsequently develop, develops and operares or maintains and operates the notified industrial park, for any reason.

/, The undertaking subject to the fulfillment of other conditions, may at its option claim deduction under section 801A (4) (ii) of the Income tax Act. 1941 for any fen consecutive assessment years out of fifteen year beginning from the assessment year relevant to the date of commencement of industrial park

: mentioned in this notification,

8, The Industrial units located in the industrial pork shall undertake only those activities os specified in Industrial Park Scheme, 2008,

?, The undertaking must Keep separate books of accounts for the industricsl park ana must file its income tax returns by the due date to the incame-tax department,

10. The notification will be invalid and Dosti Corooration {Pinnacle|, Mumbai shall be solely responsible for any repercussions of such invaliaity, if

ti} the application on the basis of which the approval is accorded by the Central Government contains wrong information/misinformation orsome material information has not been provided in it.

til) it is for the location of fhe industrial park for which apgroval Has already been accorded in the name of another underta king.

1]. The undertaking shall furnish an annual report to the Central Board of Direct
Taxes in Form IPS5-i.

12.The conditions mentioned in this notification a5 well as those included in the
Industrial Park Scheme, 2008 should be adhered to guring the period for which

benefits under this scheme are to be availed, The Central Government may withdraw the above approval in case the wndertaking, fails to comply with any of the conditions,
Cond on page 4/-
3

SO *
‘4

4. The tax benefits under the Act wil be available to the undertaking only offer minimum number of thirty industrial units are located in the Industial Park, For the purpose of computing the minimum number of industrial.units, all units of a person and his associated enterprises will be treated as a single unit.

5. Ne industial unit; alongwith the units of an associated enterprise, shall occupy more than twenty five percent of the allocable area,

é&. The fox benefits under the Act will be available only to the undertaking notified vide this notification and not to any other person who may subsequently develop, develops and operates or maintains and operates the notified industrial park, for any reason.

?, The undertaking subject to the fulfilment of other conditions, may at its option claim deduction under section 8014. (4) (iil) of the income tax Act, 19417 for any ten consecutive assessment years out of fifteen years beginning fram the assessment yeor relevant to the date of commencement of Industral park mentioned in this notification, ’

8. The Industrial units located in the industrial park shall undertake only those activities as specified in Industrial Pork Scheme, 2008,

9. The undertaking must keep separate books of accounts for the industrial park and must file its income tax retums by the due date to the income-tox department.

10. The notification will be invalid and Dosti Corporation (Pinnacle), 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 Govemment contains wrong information/misinformation or some moterial information has not been provided in it,

{ii} it is for the location of the industrial pork for which approval nas already been accorded in the name of another undertaking.

11 the undertaking shall turnish on annual report fo the Central Board otf Direct
Taxes in Form IPS-t.

12. The conditions mentioned in this nofification os well as fhose included in the
Industrial Park Scheme, 2003 should be adhered to during the period for which benefits under this scheme are tobe availed. The Central Government may withdraw the above approval in case the undertaking, fois to comply with any of the conditions.

Contd on page 4/-

‘d i a
/
/
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/
1Z.Any amendment of the project plan without the approval of the. Central
Govemment or detection in future. or failure on the pan of the applicant to disclose any maternal fact, will involidate the approval of the industrial park.
[Notification Now|?" F.No, 178/06/201 1-ITA]
- | ppAs.
(DEEPSHIKHA SHARMA)
Director to the Government of India
To .
The Manager,
Government of india Press,
Ring Road, Mayapuri Industrial Area, (Neor Rajourl Garden), New Delhi.