Executive Summary:
This notification concerns the industrial park developed by Ms. Intime Properties Limited in Hyderabad. The Central Government substitutes clauses related to Ms. Intime Properties Private Limited, Mumbai, as an undertaking for the industrial park project. This substitution is deemed applicable for the assessment year 2018-19 and subsequent assessment years.
Key Points / Main Content:
* **Industrial Park Scheme:**
* The Central Government has previously notified a scheme for industrial parks under Section 80IA of the Income-tax Act, 1961.
* **Undertaking and Project Notification:**
* Ms. Intime Properties Private Limited, Mumbai, is notified as an undertaking for the industrial park project.
* The project is located at Building No. 5B, 6 and 9 at Survey No. 64part, Madhapur, Hyderabad.
* **Clause Substitution:**
* Clauses in item 1 are substituted with clauses in item 2 concerning the description of the undertaking and project.
* **Applicability:**
* The substitution is deemed to have been applied for the assessment year 2018-19 and subsequent assessment years.
Impact Analysis:
* Ms. Intime Properties Private Limited, Mumbai:
* Impact: Officially recognized/notified as the undertaking for the specified industrial park project in Hyderabad, subject to specific terms and conditions for the purpose of clause iii of sub section 4 of section 80IA of the Act.
* Action Required: Ensure compliance with the terms and conditions to maintain its status as a notified industrial park for tax benefits.
* Central Board of Direct Taxes (CBDT):
* Impact: Responsible for implementing and enforcing the notification, ensuring compliance with the Income-tax Act, 1961, and related rules.
* Action Required: Update records and guidelines to reflect the substitution of clauses and monitor compliance for the assessment year 2018-19 onwards.
* Income Tax Authorities:
* Impact: Need to apply the notification during assessments, specifically for Ms. Intime Properties Private Limited, Mumbai, concerning the industrial park project.
* Action Required: Implement the changes in assessment procedures for the relevant assessment years (2018-19 onwards) and ensure consistent application of the rules.
Key Entities Referenced
Income-tax Act, 1961: A law enacted in 1961, referenced in the notification as the basis for certain powers and clauses related to industrial parks.
Central Board of Direct Taxes: A government organization under the Department of Revenue, Ministry of Finance, responsible for framing and notifying schemes related to industrial parks.
S.O. 51E, dated the 8th January, 2008: A notification number related to a previously framed and notified scheme for industrial parks.
Intime Properties Limited: A company that developed an Industrial Park at Building No. 5B, 6 and 9 at Survey No. 64part, Madhapur, Hyderabad, Distt. Rangareddy, Andhra Pradesh.
Mumbai, Maharashtra: The city and state where Ms. Intime Properties Private Limited has its registered address.
Andhra Pradesh: The state where the Industrial Park developed by Intime Properties Limited is located.
Income-tax Rules, 1962: Rules referenced in conjunction with the Income-tax Act, 1961, regarding the notification of undertakings.
S.O. 1647E, dated 11th May, 2012: A previous notification regarding the undertaking, which this current notification substitutes clauses from.
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योजना तैयार क! और अिधसूिचत क! ह।ै
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धारा (4) के खZड (iii) -ारा .द/ शि1य2 का .योग करते 5ए का.आ.1647(अ) (cid:1)दनांक 11 मई, 2012 के तहत उप\म को अिधसूिचत
(cid:1)कया;
अब, इसिलए क(cid:15)(cid:16) सरकार आयकर िनयमावली, 1962 के िनयम 18 ग के साथ पWठत उ1 अिधिनयम क! धारा 80-झ क क!
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िन^िलिखत .ित9थािपत करती हःै-
1807 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(1) (2)
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अतः क(cid:15)(cid:16) सरकार अब आय कर िनयमावली 1962 के िनयम अतः क(cid:15)(cid:16) सरकार अब आय कर िनयमावली 1962 के िनयम 18ग के
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यह .ित9थापन िनधा(cid:10)रण वष(cid:10) 2018-19 और बाद के िनधा(cid:10)रण वषa के िलए लागू 5आ समझा जाएगा।
[अिधसूचना सं. 23/2019/फा. सं. 178/30/2017-आईटीए-I]
राजाराजेeरी आर., अवर सिचव
(cid:14)(cid:14)(cid:14)(cid:14)टटटट(cid:16)(cid:16)(cid:16)(cid:16)पपपपणणणणीीीी :::: .धान अिधसूचना, अिधसूचना सं=या का.आ. 1647(अ), (cid:1)दनांक 11 मई, 2012 के तहत, भारत के राजप8, असाधारण,
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 19th March, 2019
S.O. 1396(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 Act), has framed and
notified a scheme for industrial park, by the notification of the Government of India in the Ministry of Finance
(Department of Revenue, Central Board of Direct Taxes) vide number S.O. 51(E), dated the 8th January, 2008;
And whereas M/s Intime Properties Limited (the “Company”), having its registered address at plot No C-30,
Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai 400051 has developed an Industrial Park at Building No. 5B, 6
and 9 at Survey No. 64(part), Madhapur, Hyderabad, Distt. Rangareddy, Andhra Pradesh;
And whereas the Central Government in exercise of powers conferred by clause (iii) of sub-section (4)
of section 80-IA of the said Act, read with rule 18C of the Income-tax Rules, 1962, notified the undertaking vide
S.O. 1647(E) dated 11th May, 2012;
Now, therefore, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the
said Act, read with rule 18C of the Income-tax Rules, 1962, the Central Government hereby substitutes clause(s) in
item (1) with clauses in item (2) as below:
(1) (2)
And whereas M/s. Intime Properties Private Limited., And whereas M/s. Intime Properties Private Limited.,
Mumbai having its registered address at Plot No. C-30, Mumbai having its registered address at Plot No. C-30,
Block-G. Bandra-Kurla Complex, Bandra (East), Mumbai Block-G. Bandra-Kurla Complex, Bandra (East), Mumbai
400051 has developed an Industrial Park at Building 400051 has developed an Industrial Park at Building
No. 5B, 6 and 9 at Survey No.64(part), Madhapur, No. 5B and 9 at Survey No.64(part), Madhapur,
Hyderabad, Distt. Rangareddy, Andhra Pradesh. Hyderabad, Distt. Rangareddy, Andhra Pradesh.¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
Now, therefore, in exercise of the powers conferred by Now, therefore, in exercise of the powers conferred by
clause (iii) of sub-section (4) of section 80-IA of the said clause (iii) of sub-section (4) of section 80-IA of the said
Act read with Rule 18C of the Income Tax Rules, 1962, Act read with Rule 18C of the Income Tax Rules, 1962,
the Central Government hereby notifies M/s. Intime the Central Government hereby notifies M/s. Intime
Properties Private Limited., Mumbai as an undertaking and Properties Private Limited., Mumbai as an undertaking and
the project at Building No. 5B, 6 and 9 at Survey the project at Building No. 5B and 9 at Survey
No. 64(part), Madhapur, Hyderabad, Distt. Rangareddy, No. 64(part), Madhapur, Hyderabad, Distt. Rangareddy,
Andhra Pradesh being developed and being maintained and Andhra Pradesh being developed and being maintained and
operated by the said undertaking, as an industrial park for operated by the said undertaking, as an industrial park for
the purposes of the said clause (iii) subject to the following the purposes of the said clause (iii) subject to the following
terms and conditions:- terms and conditions:-
This substitution shall be deemed to have been applied for the assessment Year 2018-19 and subsequent
assessment years.
[Notification No. 23/2019/F. No. 178/30/2017-ITA-I]
RAJARAJESWARI R., Under Secy.
Note : Principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide
notification number, S.O. 1647(E), dated 11th May, 2012.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.