TaxTMI 
TaxTMI 
Minutes of the 68th meeting of the Board of Approval for SEZs held on 30th December 2015 to consider proposals for setting up Special Economic Zones and other miscellaneous proposals
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..... Realtors Private Limited for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for IT/ITES at village Behrampur, District Gurgaon, Haryana, beyond 13th November 2015. The Board after deliberations extended the validity of the formal approval up to 13th November, 2016. (iii) Request of M/s. Frontier Lifeline Pvt. Ltd. for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for Biotechnology at Edur Elavur Village, Gummidipoondi Taluk, Thiruvallur District, Tamil Nadu, beyond 27th November, 2015. The Board after deliberations extended the validity of the formal approval up to 27th November, 2016. Item No. 68.2 : Requests for extension of LoP beyond 3rd Year onwards (i) Request of M/s. Avesta Engineering Pvt. Ltd., a unit in the multi product SEZ being developed by M/s. Adani Port and SEZ at Mundra, Kutch, Gujarat for extension of Letter of Permission (LOP) beyond 12th March, 2015. The Board after deliberations extended the validity of the LoP up to 12th June, 2016. The Board also directed DC, APSEZ to review the progress of the unit regularly. (ii) Re....
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....n the Developer and Co-developer and in all other cases the lease period will continue to be a period not exceeding 30 years (Renewable). Approval of proposals for Co-developer All approvals for co-developers are subject to the condition that particular terms and conditions of lease agreement/co-developer agreement will not have any bearing on the treatment of the income by way of lease rentals/down payment/premium etc., for the purposes of assessment under the Income Tax Act and Rules. The Assessing Officer, will have the right to examine the taxability of these amounts under the SEZ Act and Income Tax Act and Rules. This is applicable to all cases of co-developers approved by the BoA in this meeting. The decisions of the BoA on the proposals listed in the agenda are as under:- (i) Request of M/s. Vee Technologies Private Limited for co-developer in the sector specific SEZ for IT/ITES at Jagirammapalayam, Salem District, Tamil Nadu, being developed by M/s. Electronics Corporation of Tamil Nadu Limited. After deliberations, the Board approved the proposal of M/s. Vee Technologies Private Limited for co-developer to develop/create, operate & maintain infrastructure facil....
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....r on file. Item No. 68.4 : Proposals for setting up of SEZs (i) Request of M/s. ValueLabs Infra LLP for setting up of a sector specific SEZ for IT/ITES at Kokapet Village, Rajender Nagar Mandal, Ranga Reddy District, Telangana, over an area of 3.12 hectares. The Board noted that the Developer is in possession of the land. The Government of Telangana had also recommended the proposal vide their letter dated 09.10.2015. Accordingly, the Board decided to grant formal approval to the proposal of M/s. ValueLabs Infra LLP, for setting up of a sector specific Special Economic Zone for IT/ITES at Kokapet Village, Rajender Nagar Mandal, Ranga Reddy District, Telangana, over an area of 3.12 hectares. (ii) Request of M/s. GAR Corporation Private Limited for setting up of a sector specific SEZ for IT/ITES at Sy. No. 107, Kokapet Village, Rajendranagar Mandal, Telangana, over an area of 2.22 hectares. The Board noted that the Developer is in possession of the land. The Government of Telangana had also recommended the proposal vide their letter dated 16.10.2015. Accordingly, the Board decided to grant formal approval to the proposal of M/s. GAR Corporation Private Limited, for set....
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....t under the current SEZ policy/Rules, the 'assembling' activities proposed to be undertaken by the unit are not permitted to the units located in FTWZ. However, the company may consider setting up a manufacturing unit to undertake these activities in M/s Sri City Pvt. Ltd., multi-product SEZ. After deliberations, the Board rejected the proposal. (v) Request of M/s. AS Cargo Movers (P) Limited, Co-developer in Sri City Private Limited SEZ, a multi product SEZ for transfer of ownership to M/s. Indospace AS Industrial Park Private Limited and change of name of co-developer to M/s. Indospace AS Industrial Park Private Limited After deliberations, the Board approved the request of the co-developer for transfer of ownership to M/s. Indospace AS Industrial Park Private Limited and change of name of co-developer to M/s. Indospace AS Industrial Park Private Limited, subject to following conditions:- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered co-developer entity; (ii) Fulfillment of all eligibility criteria applicable to co-developers, including security clearances etc., by the altered co-developer ent....
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....; Not less than 40% of the total annual turnover At the end of 4th year Not less than 80% of the total annual turnover At the end of 5th year 100% of the total annual turnover After the 5th Year, the unit will be required to continue to physically export 100% of their annual turnover. Any violation of the above prescribed Minimum Physical Export Obligation at the end of 2nd, 4th and 5th years would lead to imposition of penalty and cancellation of the unit's LOP. (iv) As per Rule 18(4)(b) of the SEZ Rules, no approval for enhancement of the approved import quantum of plastic waste and scrap beyond the average annual import quantum of the unit since its commencement of operation shall be granted.; (v) The authorized operations may be restricted to the unit to carry out the business of recycling of plastic. (vii) Request of M/s. Vedanta Aluminium Ltd., Odisha for procurement of BTAP Wagons. DoR has observed that goods sought for exemption are an integral part of a transport vehicle to be used out of SEZ, so will be prone to ....
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....State Government laws, including those relating to lease of land, as applicable. (vii) The developer shall furnish details of PAN and jurisdictional assessing officer of the developer to CBDT. The Board also directed that where there is a court ordered merger/amalgamation of a 100% subsidiary SEZ unit with its parent organisation and there is no change in the share holding pattern post merger/amalgamation and the parent organisation also takes over all the assets and liabilities of the subsidiary, such cases are delegated to the Department of Commerce for considering each case on its merit. Item No. 68.6 : Appeals before BoA (i) Appeal of M/s. Noida Plast Pvt. Ltd., a unit in Noida SEZ against order of the UAC dated 28th September, 2015. The Board heard the appellant of the said unit. Looking at the business plan submitted by the unit holder before the Board, the BOA remanded the case back to DC, NSEZ to consider it in UAC after examining the business plan and other relevant details of the applicant and take appropriate decision. (ii) Appeal of M/s. DLF Utilities Limited, a co-developer in DLF Ltd. at Sector - 30, village Silokhera, Gurgaon Haryana against o....
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....sal for further extension. After deliberations, the Board rejected the request of the unit for further extension of the validity of LoP. (iii) Request of M/s. G. Metals Company, a unit in NSEZ at Plot No. 98, NSEZ for extension of validity period of its LoP beyond 27th October, 2015 The Board after deliberations extended the validity of the LoP up to 27th October, 2016. Item No. 68.9 : Miscellaneous Cases (i) Proposal of M/s. Indiabulls Industrial Infrastructure Ltd. developer in multi product SEZ at Sinner MIDC, Nasik, Maharashtra for separate entry/exit gate for railway line to M/s. RattanIndia Nasik Power Ltd. in the non-processing area. After deliberations, the Board approved the proposal of the developer for separate entry/exit gate for railway line to M/s. RattanIndia Nasik Power Ltd. (co-developer) in the non-processing area subject to the condition that any additional cost so incurred on deployment of any extra manpower for manning the said gate will be borne by the Developer. The Board further decided that in future the requests for entry/exit gate would be examined and decided on file by DoC. (ii) Request of M/s. TSIIC Limited, developer of sector specif....