SECTION 80-IA, SUB-CLAUSE (iii) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. - NOTIFIED UNDERTAKING

NOTIFICATION NO. 37/2015 [F.NO.178/72/2006-ITA-I]/SO 994(E), DATED 10-4-2015

Whereas the Central Government (Ministry of Commerce and Industry) in exercise of the powers under the Industrial Park Scheme, 2002 (hereinafter referred to as the Scheme), as notified vide number S.O.354(E) dated the 1st April 2002, had granted approval vide letter No.15/13/05-IP&ID dated 17.02.2005 to the undertaking being developed, maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey No.5,15,17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh as an Industrial Park;

And whereas, the Central Government (Ministry of Finance, Department of Revenue, CBDT) 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 Act") had notified the undertaking being developed and being maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey No.5,15,17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh as an Industrial Park for the purposes of the said clause (iii), vide notification of the Government of India in the Ministry of Finance, Department of Revenue, vide number S.O.No.3466, dated the 21st August 2006 published in the Gazette of India, Part II, section 3, sub-section (ii) ;

And whereas M/s Meenakshi Infrastructure Private Ltd., Hyderabad vide their letter dated 2nd August, 2006 filed an application for transfer of Operation and Maintenance of the Industrial Park named "E Park" at Hyderabad to M/s Vijay Infotech Ventures, Secunderabad;

And whereas, the Central Government (Ministry of Commerce & Industry) vide letter no.15/13/05-IP&ID dated 9th August, 2006 considered the request of the undertaking for transfer of operations and maintenance to M/s Vijay Infotech Ventures, Secunderabad, Andhra Pradesh;

And whereas the Central Government (Ministry of Commerce & Industry) vide letter no/15/12/2006-ID dated 10.4.2007, approved amendment at para 7(vii) to the approval accorded vide approval no. 15/13/2005-IP&ID dated 17th February, 2005;

And whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter no. 15/12/2006-IP&ID dated 6th February, 2014 has rejected further amendment to the terms and conditions laid down vide its letter no. 15/12/2006-ID dated 10th April, 2007;

And whereas, the undertaking has failed to adhere to the terms and conditions as laid down in the Industrial Park Scheme and by the Central Government vide the Ministry of Finance, Department of Revenue's Notification Number S.O.No.3466, dated the 21st August 2006 published in the Gazette of India, Part II, section 3, sub-section (ii) and Ministry of Commerce and Industry, Department of Industrial Policy and Promotion's approval letter no.15/12/2006-ID dated 10th April, 2007;

Now, therefore the Central Government, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Act read with section 21 of the General Clause Act, 1897 (10 of 1897), hereby rescinds the said Notification No. S.O. 3466, dated the 21st August 2006 issued in the case of the undertaking with effect from 21st August 2006.