Section 10(46) of the Income-tax Act, 1961 – Central Government constituted "Karnataka Electricity Regulatory Commission" for dealing with specified income. - 78/2014 - Income Tax

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SEC. 3, SUBSECTION (ii)] MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 78/2014 INCOME-TAX New Delhi, the 12th December, 2014 S.O (E)- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Karnataka Electricity Regulatory Commission, a Commission constituted by the Government of Karnataka in respect of the following specified income arising to that Commission, namely:- (a) amount received in the form of grants and loans from the Government of Karnataka; (b) statutory fees; (c) interest earned from investment 2. This notification shall be applicable for the financial years 2014-2015 to 2018-2019. 3. The notification shall be subject to the conditions that Karnataka Electricity Regulatory Commission:- (a) shall not engage in any commercial activity; (b) its activities and the nature of the specified income remain unchanged throughout the financial year; and (c) it files return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the said Act. [F No. 196/22/2014-ITA.I] (Deepshikha Sharma) Director to the Govt. on India