TaxTMI 
TaxTMI 
Minutes of the 75th meeting of the Board of Approval for SEZ held on 8th March 2017 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....after satisfying that the developer has taken sufficient steps towards operationalisation of the project and further extension is based on justifiable reasons. Board also observed that extensions may not be granted as a matter of routine unless some progress has been made on ground by the developers. The Board, therefore, after deliberations, extended the validity of the formal approval to the requests for extensions beyond fifth years for a period of one year and those beyond sixth year for a period of 6 months from the date of expiry of last extension" (i) Request of M/s. Indus Gene Expression Ltd. for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ for Biotech and related activities at Kodur and Settipali villages, Chilamathur Mandal, Anantapur District, Andhra Pradesh,- beyond 13^th February, 2017 The Board, after deliberations, extended the validity of the formal approval up to 13^th February, 2018. (ii) Request of M/s. SEZ Biotech Services Pvt. Ltd. for further extension of the validity period of formal approval, granted for setting up of sector specific SEZ f....
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.... • BoA can extend the validity for a period of one year at a time. • There is no time limit up to which the Board can extend the validity (i) Request of M/s. Icreon Communications Pvt. Ltd. (Unit-II), a unit in NSEZ at Noida, Uttar Pradesh for extension of validity period of its LoP beyond 28th February 2017. The Board, after deliberations, extended the validity of the LoP up to 28th February, 2018. (ii) Request of-M/s Kusum Healthcare Pvt. Ltd., a unit in Indore SEZ for extension of validity period of its LoP beyond 28th February 2017 The-Board after deliberation extended the validity of the LoP upto-28th February-2018. (iii) Request of M/s. APPL Industries Ltd., a unit in the multi product SEZ being developed by M/s. Dahej SEZ at Bharuch, Gujarat for extension of Letter of Permission (LoP) beyond 13th February, 2017 The Board, after deliberations, extended the validity of the LoP up to 13th February, 2018. (iv) Request of M/s. Macson Color Chem Pvt. Ltd., a unit in the multi product SEZ being developed by M/s. Dahej SEZ at Bharuch, Gujarat for extension of Letter of Pe....
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....ces, IPTV, System Integration, and VPN services, IT Hardware, Telecom Products, Electronic Products and accessories, consistently to all existing units in SCK-01 Building and the new units which are coming up in SmartCity (Kochi) Infrastructure Pvt. Ltd. SEZ in accordance with the co-developer agreement entered into with the developer, subject to standard terms and conditions as per SEZ Act and Rules. Item No. 75.4 Proposals for setting up of New SEZs (5 proposals) (i) Request of M/s. Modern Asset, Bangalore for setting up of sector specific SEZ for IT/ITES at Survey No. 2/1 & 2/2, Venkatala Village, Yelahanka Hobli, Bangaluru, Karnataka, over an area of 2.33 hectares. The Board, after deliberations, approved the proposal for setting up of a sector specific Special Economic Zone for IT/ITES at Survey No. 2/1 & 2/2, Venkatala Village, Yelahanka Hobli, Bangaluru, Karnataka, over an area of 2.33 hectares. (ii) Request of M/s. Modern Asset (Phase -II), Bangalore for setting up of sector specific SEZ for IT/ITES at Survey No. 2/2, Venkatala Village, Yelahanka Hobli, Bangaluru, Karnataka, over an area of 3.22 hectares. The Board, after....
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.... Transfer Agreement is concerned, it was explained that certain acquisitions happen globally as a result of Business Transfer Agreement which result in transfer of the SEZ unit of the Indian company on a going concern basis to the acquirer. The BOA decided that such cases resulting in change of ownership would be decided on merits by the Board of Approvals on a case to case basis. * Proposal to incorporate the above decision of BoA in SEZ Rules, 2006 has been approved and was sent to DLA for vetting. (i) Request of M/s. DLF Info City Developers (Chennai) Limited in the sector specific SEZ for IT/ITES at 1/124, Shivaji Garden, Moonlignt Stop, Nandampakkam Post, Ramapuram, Mount Poonamalle Road, Chennai for transfer of LoA from M/s. DLF Info City Developers (Chennai) Limited to M/s. DLF Home Developers Limited in terms of merger/amalgamation order passed by Hon'ble High Court. After deliberations, the Board approved the proposal for transfer of LoA from M/s. DLF Info City Developers (Chennai) Limited to M/s. DLF Home Developers Limited, subject to following conditions:- (i) Seamless continuity of the SEZ act....
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....ll have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. (iii) Request of M/s. Sapient Consulting Pvt. Ltd. under the jurisdiction of NSEZ for change of shareholding of five units. The Board, after deliberations, approved the proposal for change of shareholding of five units in different SEZs subject to following conditions:- i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; ii) Fulfillment of all eligibility criteria applicable to unit, including security clearances etc., by....
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....nsfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to. bring clarity on such transactions. (v) Request of M/s Huron India Pvt. Ltd. a unit in the IT/ITES SEZ of M/s Gurgaon Infospace Ltd, at Village Dundahera, Sector-21, Gurgaon, Haryana under the jurisdiction of NSEZ for change of name & Shareholding of the company. The Board, after deliberations, approved the proposal for change of proprietorship subject to following conditions:- i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; ii) Fulfillment of all eligibility criteria applicable to unit, including security clearances etc., by the altered unit entity and its constituents; iii) Applicabili....
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....ctions of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by-the SEZ division to bring clarity on such transactions. (vii) Request of M/s. iGate Global Solutions Ltd. under the jurisdiction of NSEZ for change of name to M/s. Capgemini Technology Services India Limited and change in shareholding of the company. After deliberations, the Board approved the proposal for change of name from M/s. iGate Global Solutions Ltd. to M/s. Capgemini Technology Services India Limited and change in shareholding pattern of the company subject to following conditions:- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; (ii) Fulfillment of all eligibility criteria applicable to unit, including security clearances etc., by the altered unit entity and its constituents; (iii) Applicability of and....
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....e right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi) The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii) The unit shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT. viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. Item No. 75.6 : Miscellaneous cases (2 proposals) (1) Proposal of M/s. Global Export House, a unit in Moradabad SEZ for approval of import of Sandal Wood, Sandal Wood Oil and export of Sandal Wood Chips (upto 50 gms) Sandal Wood Powder, Sandal Wood Oil, Sandal Wood Handicraft and its by-product based on Sandal Wood Oil. The Board, after deliberations, noted that while DGFT, vide its letter dated 30.01.2017, has clarified the export policy, quantitative ceiling on import of Sandal Wood is applicable and license for the same is....
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....ssed by UAC, KASEZ. After deliberation, the Board noted that the matter was covered under the provision of appeal under FDR Act, 1995. Therefore, the BOA was not the appropriate forum to consider the matter. (ii) Appeal of M/s. V.V. Mineral, a unit at (AMRL SEZ) MEPZ against order dated 28.12.2016 passed by UAC, MEPZ. The Board heard the submission of representative of M/s. V.V. Minerals at length and, after deliberations, remanded the matter back to the DC MEPZ for fresh consideration as per rules. The Board also directed that till the completion of aforesaid procedure, no transaction of the firm will be allowed. (iii) Appeal of M/s. Websol Energy System Limited, a unit in FSEZ against order dated 01.12.2016 passed by UAC, FSEZ. The Board, after hearing the appellant upheld the appeal made in this regard and allowed enhancement of production capacity for manufacture of Solar PV Cell and Modules as requested by M/s. Websol Energy System Limited vide its letter dated 01.08.2016. The Board also noted that the unit has not defaulted in realization of pending FOREX and the unit should clear the pending FOREX realization at the earli....
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....red to market its product and increase exports. Therefore, after detailed deliberations, the appeal was allowed for the addition of the above services required for its authorized operations by the Unit in SEZ only. Decision on Supplementary Agenda Item No. 75.9: Requests for extension of validity of formal approvals (one proposal) BoA in its meeting held on 14th September, 2012, examining similar cases observed as under: - "The Board advised the Development Commissioners to recommend the requests for extension of formal approval beyond 5t' year and onwards only after satisfying that the developer has taken sufficient steps towards operationalisation of the project and further extension is based on justiflable reasons. Board also observed that extensions may not be granted as a matter of routine unless some progress has been made on ground by the developers. The Board, therefore, after deliberations, extended the validity of the formal approval to the requests for extensions beyond fifth years for a period of one year and those beyond sixth year for a period of 6 months from the date of expiry of last extension". (i) Request of M/s. Infosys Limi....
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....eatment & Recycle of Water, set up, Operation and Maintenance of Effluent Treatment Plant, Sewage Treatment Plant, Solid & Liquid Waste Management and other ancillary support in relation to Water Distribution within the SEZ in accordance with the co-developer agreement entered into with the developer, subject to standard terms and conditions as per SEZ Act and Rules. (ii) Request of M/s. Chain-Sys Software Exports Private Limited for co-developer in the sector specific SEZ for IT/ITES at Vadapalanji, Madurai, Tamil Nadu being developed by M/s. Electronic Corporation of Tamil Nadu Limited After deliberations, the Board approved the proposal of M/s. Chain-Sys Software Exports Private Limited to provide support in developing, operating and maintaining the SEZ over an area of 8.09371 hectares in accordance with the co-developer agreement entered into with the developer, subject to standard terms and conditions as per SEZ Act and Rules provided that the lease period is reduced to a period not exceeding 30 years (Renewable). (iii) Request of M/s. Aidt Phase-1 Private Limited for co-developer in sector specific SEZ for Electronics Hardware and IT/ITES at ....
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..... of Telangana had since been received, after deliberations, approved the proposal for setting up of a sector specific Special Economic Zone for IT/ITES at Survey No. 285, Puppalaguda Village, Rajendranagar Mandal, Ranga Reddy District, Telangana, over an area of 2.63 hectares. (v) Request of M/s. Phoenix Spaces Private Limited for setting up of sector specific SEZ for IT/ITES at Survey No. 286 and 287, Puppalaguda Village, Rajendranagar Mandal, Ranga Reddy District, Telangana, over an area of 3.46 hectares. The Board, noted that the recommendation of the Government of Telangana had since been received, after deliberations, approved the proposal for setting, up of a sector specific Special Economic Zone for IT/ITES at Survey No. 286 and 287, Puppalaguda Village, Rajendranagar Mandal, Ranga Reddy District, Telangana, over an area of 3.46 hectares. (vi) Request of M/s. BSR Builders LLP for setting up of sector specific SEZ for IT/ITES at Sy. No. 141 & 142, Nanakramguda Village, Serlingarpally Mandal, Ranga Reddy District, Telangana, over an area of 1.16 hectares. The Board, after deliberations, approved the proposal for setting up of a secto....
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....veloper in the FTWZ at Village Sai, Taluka-Panvel, District Raigad, Maharashtra being developed by M/s. Arshiya Limited for sale/transfer of 100% shareholding to M/s. Ascendas Fund (India) Pte. Ltd. The Board, after deliberations, approved the request for sale/transfer of 100% shareholding to M/s. Ascendas Fund (India) Pte. Ltd., subject to the 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-developer, including security clearances etc., by the altered co-developer entity and its constituents; iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v) The Assessing Officer shall have the right to assess the taxabili....
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....aken up by the SEZ division to bring clarity on such transactions. (v) Request of M/s. Capgemini India Pvt. Ltd. for amalgamation with M/s. iGate Global Solutions Ltd. and change of name/constitution to M/s. Capgemini Technology Services India Ltd. under the jurisdiction of FSEZ. After deliberations, the Board approved the proposal for change of name/constitution from M/s iGate Global-Solutions Ltd. to M/s-. Capgemini Technology Services India Limited and change in shareholding pattern of the company subject to following conditions:- (i) Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered unit entity; (ii) Fulfillment of all eligibility criteria applicable to unit, including security clearances etc., by the altered unit entity and its constituents; (iii) Applicability of and compliance with all Revenue / Company Affairs /SEBI etc. rules which regulate issues like capital gains, equity change, transfer, taxability etc. (iv) Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall....
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....bsp; The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. (vi) The applicant shall comply with relevant 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. (viii) Meanwhile, the proposal for amendment in SEZ Rules may also be taken up by the SEZ division to bring clarity on such transactions. Item No. 75.14: Miscellaneous cases (3 proposals) (i) Request of M/s. KRC Infrastructure and Projects Private Limited setting up of sector specific SEZ for IT/ITES at Survey no. 65(p), Village Kharadi, Taluka Haveli District Pune, Maharashtra, for increase an area of 0.92 hectares. The Board, after deliberations, approved,the request of M/s. KRC Infrastructure and Projects Private Limited for increase in area of 0.92 hectares, increasing the total area of the SEZ to 4....