TaxTMI 
TaxTMI 
Minutes of the 94th meeting of the. Board of Approval for SEZ held on 3rd January, 2020 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....tt. Gurgaon (Haryana) beyond 25.01.2020. The representative of the Government of Haryana submitted before the Board that they are seeking inputs from the Department of Town and Country Planning, Haryana on the complaint received against the developer. Accordingly, the Board, after deliberations, decided to defer the proposal. 94.2(ii) Request of M/s. Nagaland Industrial Development Corporation Ltd. SEZ for further extension of the validity period of the Formal Approval granted for setting up a sector specific SEZ for Agro and Food Processing for a further period of 3 years beyond 11.10.2018 to 10.10.2021. The Board, after deliberations, approved extension of the validity of the formal approval up to 2nd December, 2020. 94.3 Request for extension of LoP beyond 3rd year onwards 94.3 (i) Request of M/s Lupin Ltd. Plot No. 6B, a unit in MIHAN SEZ for extension of LoP beyond 26.12.2019 upto 25.12.2020. The Board, after deliberations, approved extension of the validity of the LoP up to 25th December, 2020. 94.4 Proposal for change of shareholding pattern/ name/change of control 94.4(i) Request of M/s. DLF Assets Pvt. Ltd., co-developer in M/s. DLF Info City Hydera....
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.... iii. Applicability of and compliance with all relevant rules of Revenue/Company Affairs/SEBI etc., 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 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 co-developer shall furnish details of PAN and jurisdictional assessing officer of the co-developer to CBDT. 94.4(iii) Proposal of M/s. DLF Assets Pvt. Ltd., Co-developer of IT/ITES SEZ of M/s. DLF Cyber City Developers Ltd. at Sector-24 & 25A, DLF Phase-III, Gurugram (Haryana) for change in constitution of the company....
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....l relevant rules of Revenue/Company Affairs/SEBI etc., 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 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 co-developer shall furnish details of PAN and jurisdictional assessing officer of the co-developer to CBDT. 94.4(v) Request of M/s. GMR Aerospace Engineering Limited, co-developer in M/s. GMR Hyderabad Aviation SEZ Limited (SEZ) at Mamidipalli Village, Shamshabad Mandal, Ranga Reddy District, Telangana for change of name to M/s. GMR Air Cargo and Aerospace Engine....
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.... 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 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. 94.4 (vii) Proposal of M/s. NIIT Technologies Limited, developer of IT/ITES SEZ at Plot No. TZ-02 & 2 A, Sector-Techzone, Greater Noida, Uttar Pradesh for change in shareholding pattern of the company. The Board, after deliberations, approved the proposal subject to approval by relevant statutory bodies with the following condi....
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....nd to the jurisdictional Authority. v. 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 co-developer shall furnish details of PAN and jurisdictional assessing officer of the co-developer to CBDT. 94.4 (ix) Request of M/s. Laxmipati Balaji Supply Chain Management Limited a codeveloper in M/s. Arshiya Limited for FTWZ at Panvel, Raigad, Maharashtra for change in Shareholding Pattern of the company. The Board, after deliberations, approved the proposal subject to approval by relevant statutory bodies with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered co-developer entity; ii. Fulfilment of all eligibility criteria applicable to co-developer, including security clearances etc., ....
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.... Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v. 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. 94.4(xi) Request of M/s. KRC Infrastructure & Project Pvt. Ltd. a sector specific SEZ for IT/ITES at Village Kharadi, Taluka Haveli, District Pune, Maharashtra for change in Shareholding Pattern of the company. The Board noted that since the process of transfer of shares and listing are under process, exact stake of KRC, post-listing, cannot be determined as of now and further M/s Mindspace Business Parks REIT is pending registration with SEBI. The Board, after deliberations, decided to grant an 'in-principle approval' to the proposed chang....
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....i. 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 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. Item No. 94.5 Request for Co-developer 94.5 (i) Request of M/s. NMDC Data Centre Pvt. Ltd. for co-developer status in M/s. Persipina Developers Pvt. Ltd. SEZ at Panvel, District Raigarh, Maharashtra for developing, operating and....
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....pecial Civil Application No. 4765 of 2016 filed by M/s World Window Infrastructure & Logistics Pvt. Ltd.(co-developer) Vs UoI regarding cancellation of co-developer approval by BoA. The Board noted that the petitioner did not appear for personal hearing before the UAC despite granting three reasonable opportunities. The Board, after deliberations, decided to grant a personal hearing to the petitioner in its next meeting. 94.6 (ii) M/s. Pooja Scrap Industries - Request for extension of the validity of the Letter of Approval for next five years i.e., from 31.08.2019 to 30.08.2024. The Board, after deliberations, decided to grant an extension of validity of LoA for a period of two years to see the performance of the unit. Further extension shall be considered accordingly by the Board. 94.6 (iii) Request of M/s Abhijeet Ferro Tech Ltd. a unit in APSEZ, Visakhapatnam for permission to import Ferro Manganese Slag for a quantity of 2.54 lac MTs for the year 2020-21. The Board decided to place on record the comments of MoEF&CC which are as follows: As per the Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016, Ferro Manganese Slag falls unde....
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....olding company. 94.10 Proposal for change of shareholding pattern/ change of control 94.10 (i) Request of M/s. Anomalous Infra Private Limited a co-developer in M/s. Arshiya - FTWZ at Village-Sai, Taluka Panvel, District Raigad, Maharashtra for change in Shareholding Pattern of the company. The Board noted that the directors of the company propose to transfer their entire shareholding in the company to the purchased (M/s Ascendas) upon completion of development and leasing of the warehouse building by the company. The Board, after deliberations, deferred the proposal with the direction that the codeveloper be advised to bring the proposal at the appropriate time. 94.10(ii) Request of M/s. Mindspace Business Parks Pvt. Ltd. a sector specific SEZ for IT/ITES at Pocharam Village, Ghatkesar Mandal, Ranga Reddy District, Telangana for change in Shareholding Pattern of the company. The Board noted that since the process of transfer of shares and listing are under process, exact stake of KRC post listing cannot be determined as of now and further M/s Mindspace Business Parks REIT is pending registration with SEBI. The Board, after deliberations, decided to grant an &#....
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....nue and to the jurisdictional Authority. v. 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. Item No. 94.11 Miscellaneous Cases 94.11 (i) Request of M/s. Arshiya Data Centre Pvt. Ltd. a co-developer in M/s. Arshiya Limited-FTWZ at Panvel, Raigad, Maharashtra for increase in area of the co-developer. After deliberations, the Board approved the proposal of M/s. Arshiya Data Centre Pvt. Ltd. for increase in area of 8.9093 hectares, thereby making the total area of the co-developer as 10.27 hectares, subject to standard terms and conditions as per SEZ Act and Rules provided that the lease period shall be in accordance with DoC's Instruction No. 98 dated 29.08.2019. Decision....