Eligibility of Industrial Parks and Special Economic Zones for benefits under section 80- IA( 4)(iii) – IT rules amended
Rule 18 C of the Income Tax Rules as at present reads as,
18C . (1) The undertaking shall begin to operate an industrial park during the period beginning on the 1st day of April, 1997, and ending on the 31st day of March, 2002.
( 1A ) The undertaking shall begin to develop or develop and operate or maintain and operate a special economic zone any time during the period beginning on the 1st day of April, 2001 and ending on 31st day of March, 2006.
(2) The undertaking shall be duly approved by the Ministry of Commerce and] Industry in the Central Government under the scheme for industrial park or Special Economic Zones notified by that Ministry.
(3) The undertaking shall continue to fulfill the conditions envisaged in the scheme.
(4) On approval under sub-rule (2), the Central Board of Direct Taxes, shall notify industrial parks for benefits under section 80-IA.
Now this is amended to read as: -
18C . ( 1) The undertaking shall begin to develop, develop and operate or maintain and operate an industrial park any time during the period beginning on the 1st day of April, 2006, and ending on the 31st day of March, 2009.
(2)The undertaking and the Industrial Park shall be notified by the Central Government under the Industrial Park Scheme, 2008.
(3)The undertaking shall continue to fulfill the conditions envisaged in the Industrial Park Scheme, 2008.”
CBDT NOTIFICATION NO 2/2008., Dated: January 8, 2008