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INCOME TAX NOTIFICATION NO.72

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 8th September, 2020
INCOME TAX

S.O. 3035(E).—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 S.O.354(E), dated the 1st day of
April, 2002, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2006;
And whereas M/s Softzone Tech Park Ltd. situated at Survey No.80/1, 81/1, 81/2, Bellandur village, Varthur
Hobli, Bangalore – 560037 is developing an Industrial Park at Survey No.80/1, 81/1, 81/2, Bellandur village,
Varthur Hobli, Bangalore – 560037;

And whereas the Central Government has approved the said Industrial Park vide Ministry of Commerce and
Industry letter No.15/23/2006-IP&ID dated 25th July, 2006;
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 the undertaking, being developed and being maintained and
operated by M/s Softzone Tech Park Ltd, as an industrial park for the purposes of the said clause (iii) subject to the
terms and conditions mentioned in the annexure of the notification

ANNEXURE

The terms and conditions on which the approval of the Government of India has been accorded for setting up
of an industrial park by M/s Softzone Tech Park Ltd.
(i) Name of the Industrial Park : M/s Softzone Tech Park Ltd.
(ii) Proposed location : Survey No.80/1, 81/1, 81/2,
Bellandur Village, Varthur Hobli,
Banglore – 560037.
(iii) Area of Industrial Park : 81,960.70 SQM
(iv) Percentage of allocable area : 95.50 per cent
Earmarked for industrial use
(v) Percentage of allocable area : 4.50 per cent
Earmarked for commercial use

  1. The minimum investment on infrastructure development in an Industrial Park 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 project cost.
  2. Infrastructure development shall include, roads (including approach roads), water supply and sewerage,
    common effluent treatment facility, telecom network, generation and distribution of power, air-conditioning and
    such other facilities as are for common use for industrial activity which are identifiable and are provided on
    commercial terms.
  3. No single unit referred to in column (2) of the Table given in sub-paragraph (b) of paragraph 6 of
    S.O. 354(E) dated the 1st day of April, 2002, shall occupy more than fifty per cent of the allocable industrial area of
    an Industrial Park. For this purpose a unit means any separate and distinct entity for purpose of one and more State
    or Central tax laws.
  4. Necessary approvals, including that for foreign direct investment or non-resident Indian investment by the
    Foreign Investment promotion Board or Reserve Bank of India or any authority specified under any law for the time
    being in force, shall be taken separately as per the policy and procedures in force.
  5. The tax benefits under the Act can be availed of only after the number of units indicated in Para 1(vii) of the
    Ministry of Commerce and Industry letter No.15/23/2006-IP&ID dated 25th July, 2006, are located in the Industrial
    Park.
  6. M/s Softzone Tech Park Ltd., shall continue to operate the Industrial Park during the period in which the
    benefits under clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 are to be availed.
  7. The approval will be invalid and M/s Softzone Tech Park Ltd. 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.
  1. In case M/s SoftZone Tech Park Ltd., Bangalore 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 Entrepreneurial Assistance Unit of the Secretariat for Industrial Assistance,
    Department of Industrial Policy and Promotion, Udyog Bhawan, New Delhi-11 along with a copy of the agreement
    executed between the transferor and transferee undertaking for the aforesaid transfer.
  2. 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. The Central
    Government may withdraw the above approval in case M/s Softzone Tech Park Ltd. fails to comply with any of the
    conditions.
  3. 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. 72 /2020/F. No.178/111/2009-ITA-1]
GULZAR AHMAD WANI, Under Secy.

Explanatory Memorandum

This notification has been published in compliance with the Order of the Hon’ble High Court of Karnataka
at Bengaluru in the matter of M/s Softzone Tech Park Ltd. vs. CBDT and Union of India [W.P. No.11284/2014
(T-RES) dated 26th Day of November, 2019. It is certified that by giving retrospective effect to this notification no
person is being adversely affected.


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