Under Section 80-IA, Sub-clause (iii) of sub-section (4) of the Income-tax Act, 1961 Central Government notifies M/s. Magrath Properties Pvt. Ltd., as an industrial park with terms and condition

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....he Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 354(E), dated the 1st day of April, 2002, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2006; And whereas M/s. Magrath Properties Pvt. Ltd. having its registered office at First Floor, Embassy Point, 150, Infantry Road, Bangalore-560001 has developed an industrial park located at Survey No. 13/2, Challaghata Village, Varthur Hobli, Bangalore, Karnataka- 560001. And whereas the Central Government has approved the said Industrial Park vide Ministry of Commerce and Industry letter No. 15/177/2005-IP&ID dated 25-07-2006. Now, therefore, in exercise of the powers conferred by clause (iii) of sub-s....

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....14.88 crore (x) Investment on Infrastructure Development including investment on built up space for industrial use (Amount in Rupees) : ₹ 41.76 crore (xi) Proposed date of commencement of the Industrial Park : September 2004 2. The minimum investment on infrastructure development in an Industrial Park shall not be less than 50% of the total project cost. In the case of an Industrial Park which provides built-up space for industrial use, the minimum expenditure on infrastructure development including cost of construction of industrial space, shall not be less than 60% of the total project cost. 3. Infrastructure development shall include, roads (including approach roads), water supply and sewerage, common effluent treatment fac....

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....i) of Section 80- IA of the Income Tax Act, 1961. 9. The approval will be invalid and M/s. Magrath Properties Pvt. Ltd., shall be solely responsible for any repercussions of such invalidity, if (i) the application on the basis of which the approval is accorded by the Central Government contains wrong information/misinformation or some material information has not been provided in it. (ii) it is for the location of the industrial park for which approval has already been accorded in the name of another undertaking. 10. In case M/s. Magrath Properties Pvt. Ltd., transfers the operation and maintenance of the industrial park (i.e., transferor undertaking) to another undertaking (i.e., the transferee undertaking), the transferor and transfer....