Parsvnath Infra, a real estate major, has surrendered its IT special economic zone (SEZ) in Haryana following land acquisition issues.
The company has proposed to surrender its IT SEZ at Sohna Road, Gurgaon and de-notify the zone citing that it has not been possible to acquire land within the notified area, thereby affecting contiguity. Following its proposal, the Board of Approval (BoA) has de-notified the ITSEZ.
However, the approval is subject to the DC (Development Commissioner) furnishing a certificate that the developer has either not availed of, or has refunded all the tax/duty benefits availed under SEZ Act/Rules. The BoA has also directed CBDT and CBEC regarding the de-notification for taking necessary action.