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(Department of Revenue)



New Delhi, the  20th June, 2019

S.O. 2007(E).—Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of Section 80-IA of the Income-tax Act, 1961(43 of 1961)(hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the 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-section (4) of section 80-IA of the said Act, the Central Government hereby notifies the undertaking, being developed and being maintained and operated by M/s. Magrath Properties Pvt. Ltd., as an industrial park for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the annexure of the notification.

 The terms and conditions on which the approval of the Government of India has been accorded for setting up of
an industrial park by M/s Magrath Properties Pvt. Ltd.   
(i)Name of the Industrial park:  M/s Magrath Properties Pvt. Ltd.   
(ii)Proposed location :  Survey  No.  13/2,  Challaghata  Village,Varthur  Hobli,Bangalore,
     Karnataka- 560001.   
(iii)Area of Industrial Park:24,636.00  square meters.   
  Nature of Industrial activity with NIC code   
   NIC Code Description   
 S. No.SectionDivisionGroupClass   
 A889892–   Data processing, software development  
     and computer consultancy services   
 B889893–  Business and management Consultancy activity  
 C889894–   Architectural and engineering and other  
     technical consultancy activities.   

(v)  Percentage of allocable, area earmarked for industrial use

(vi)  Percentage of allocable area earmarked for commercial use

  • Minimum number of industrial units
  • Total investments proposed (Amount in Rupees)
  • Investment on built up space for Industrial use (Amount in Rupees)
  • Investment on Infrastructure Development including investment on built up space for industrial use (Amount in Rupees)
  • Proposed date of commencement of the Industrial Park
  • 92.32%
  • 7.68%
  • 04 units
  • Rs. 47.78 crore
  • Rs. 14.88 crore
  • Rs.  41.76 crore
  • September 2004
  • 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.
  • Infrastructure development shall include, roads (including approach roads), water supply and sewerage, common effluent treatment facility, telecom network, generation and distribution of power, air-conditioning and such other facilities as are for common use for industrial activity which are identifiable and are provided on commercial terms.
  • No single unit referred to in column (2) of the Table given in sub-paragraph (b) of paragraph 6 of S.O. 354(E) dated the 1st April, 2002, shall occupy more than fifty per cent of the allocable industrial area of an Industrial Park. For this purpose a unit means any separate and distinct entity for the purpose of one and more state or Central tax laws.
  • Necessary approvals, including that for foreign direct investment or non-resident Indian investment by the Foreign Investment Promotion Board or Reserve Bank of India or any authority specified under any law for the time being in force, shall be taken separately as per the policy and procedures in force.
  • The tax benefits under the Act can be availed of only after the number of units indicated in Para 1 (vii) of this Notification, are located in the industrial Park.
  • M/s. Magrath Properties Pvt. Ltd., shall continue to operate the Industrial Park during the period in which the benefits under clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 are to be availed.


  • In case the Industrial Park did not commence by 31-3-2006, fresh approval will be required under the Industrial Park Scheme, 2008 subject to the applicability under that Scheme for availing benefits under sub-section 4(iii) of Section 80- IA of the Income Tax Act, 1961.
  • 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.

  • it is for the location of the industrial park for which approval has already been accorded in the name of another undertaking.
  1. 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 transferee shall jointly intimate to the Entrepreneurial Assistance Unit of the Secretariat for Industrial Assistance, Department of Industrial Policy and Promotion, Udyog Bhawan, New Delhi-110001 along with a copy of the agreement executed between the transferor and transferee undertaking for the aforesaid transfer.
  1. The conditions mentioned in this notification as well as those included in the Industrial Park Scheme, 2002 should be adhered to during the period for which benefits under this scheme are to be availed. The Central Government may withdraw the above approval in case M/s. Magrath Properties Pvt. Ltd., fails to comply with any of the conditions.
  1. Any amendment of the project plan without the approval of the Central Government or detection in future or failure on the part of the applicant to disclose any material fact, will invalidate the approval of the industrial park.

[Notification No. 47/2019/ F. No. 178/47/2017-ITA-I]


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