NOTIFICATION NO. S.O. 918(E) [NO. 21/2014 (F.NO.178/3/2007-ITA-I)], DATED 27-3-2014

SECTION 80-IA OF THE INCOME-TAX ACT, 1961 – DEDUCTIONS – PROFITS AND GAINS FROM INFRASTRUCTURE DEVELOPMENT UNDERTAKINGS – NOTIFIED UNDERTAKING UNDER SECTION 80-IA(4)

NOTIFICATION NO. S.O. 918(E) [NO. 21/2014 (F.NO.178/3/2007-ITA-I)]DATED 27-3-2014

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, through the Empowered Committee had granted approval to the undertaking being developed and being maintained and operated by M/s. Finest Promoters Private Ltd., New Delhi at Khasra No. 1961/2 and 1962/1, Sector 54, Taluka Gurgaon, District Gurgaon, Haryana 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. Finest Promoters Private Ltd., New Delhi at Khasra No.1961/2 and 1962/1, Sector 54, Taluka Gurgaon, District Gurgaon, 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 462, dated the 9th February, 2007, published in the Gazette of India, Part II, Section 3, Sub-section (ii);

And, whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter No.15/29/2006-IP&ID dated 24th January, 2014, has withdrawn the said approval granted to the undertaking under the Scheme;

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. 462, dated 9th February, 2007, with effect from the 9th February, 2007.

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