Scheme to avail of fiscal concession under Section 80 IA of the Income Tax Act, 1961 for setting up industrial model towns/industrial parks

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....x Act, 1961 for setting up industrial model towns/industrial parks. The Government have been considering for sometime in the past ways and means for encouraging private investment in setting up industrial parks in different regions of the country. With this aim in view, the Finance Act of 1997-98 made provisions for tax exemptions under Section 80 IA of the Income Tax Act, 1961 for setting up ind....

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....- the automatic approval route under which applications filed shall be disposed and the decision communicated within 15 days of making an application in the prescribed form with the requisite fee. All applications not eligible for automatic approval shall be placed before an Empowered Committee specifically constituted for this purpose in the Ministry of Industry, under the chairmanship of Secreta....