TaxTMI 
TaxTMI 
Industrial Park Scheme, 2002
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....wise requires.- (a) "Act" means Income Tax Act, 1961 (43 of 1961); (b) "allocable area" means, - (i) in the case of an industrial park referred to in sub-paragraph (b) of paragraph 4, the net floor area available for allocation but excluding the built up space used for providing common facilities; (ii) in any other case, the net area available for allocation for industrial, commercial or residential purpose but excluding the areas used for providing common facilities; (c) "common facilities" includes the facilities of air conditioning, roads (including approach roads), water supply and sewerage, common effluent treatment facility, telecom network, generation and distribution of power used by two or more industrial units in an indu....
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....a manner as if the operation and maintenance were not so transferred to the transferee undertaking. 4. Objectives of the industrial park.- Any project, being an industrial park, shall aim at setting up of - (a) an Industrial Model Town for development of industrial infrastructure for carrying out integrated manufacturing activities including research and development by providing plots or sheds and common facilities within its precints; or (b) an industrial park for development of infrastructural facilities or built-up space with common facilities in any area allotted or earmarked for the purposes of industrial use specified in explanation to para 6 subclause (c); or (c) a Growth Centre under the Growth Centre Scheme of the Government o....
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.... not found eligible for Automatic approval in accordance with paragraph 6, the decision regarding the same shall be immediately communicated to the applicant. 6. Criteria for automatic approval.- An undertaking which seeks approval under paragraph 5, shall fulfil the following conditions, namely:- (a) The minimum area required to be developed for an Industrial Model Town shall be 1000 acres: Provided that minimum area for specified industrial park referred to in clause (b) and (c) of paragraph 4 may vary depending upon their activities; (b) The project referred to in clauses (a), (b) and (c) of paragraph 4 shall have provision for the location of minimum number of industrial units as follows:- Table Type of industrial park Minimum N....
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....it referred to in column (2) of the Table given in the sub-paragraph (b) of paragraph 6 shall occupy more than fifty per cent. of the allocable industrial area of an industrial model town or industrial park or Growth Centre; (g) Every undertaking being an industrial park shall obtain approval for Foreign Direct Investment or non resident Indian investment from the Foreign Investment Promotion Board or Reserve Bank of India, or any authority specified under any law for the time being in force, as the case may be. 7 Non Automatic Approval.- (1) All applications not eligible for Automatic approval under paragraph 6 shall require the approval of the Empowered Committee, constituted by the Central Government and all such applications shall be ....
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....ed and communicated within twelve weeks. The Committee may also periodically review implementation of the approved proposals. (4) The Empowered Committee will hold meetings whenever necessary. All Industrial Model Town/Industrial Park/Growth Centre proposals received shall be placed before the Committee within 15 days of receipt. The Committee, as far as possible, would ensure that the Government decision on each proposal is communicated to the applicant within six weeks. The Committee will adopt its own mode and working procedure, keeping in view the requirement of each proposal. 8. Withdrawal of approval.- The Central Government may withdraw the approval given to an undertaking under this Scheme when such undertaking fails to comply wit....