Rule 11OB - Guidelines for notification of a semiconductor wafer fabrication manufacturing unit as specified business under section 35AD.

Notification of semiconductor wafer fabrication units: procedure and eligibility for specified business recognition under section 35AD

The rule prescribes the application and approval process for notifying a semiconductor wafer fabrication manufacturing unit as a specified business: apply in Form No. 3CS to the Board; respond to deficiency letters within the allowed period or face possible invalidation; the Board may seek additional information, publish the notification or reject the application with reasons, and may withdraw approval if operations cease, activities are not genuine or prior incentive approval is withdrawn. Eligible units must be exclusively for semiconductor wafer fabrication, have prior competent authority approval under the incentive scheme, commence commercial operations after the prescribed date, be located in India, maintain separate accounts for capital expenditure claimed for deduction, and file timely returns.