Section 10(46) of the Income-tax Act, 1961 – Central Government notifies to “Karnataka Livestock Development Agency” constituted by Government of Karnataka in respect of certain specified income arising to the said body - 07/2015 - Income Tax

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION. 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 07/2015 INCOME-TAX New Delhi, the 20 th January , 2015 S.O. 202 (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, the 'Karnataka Livestock Development Agency', a body constituted by the Government of Karnataka, in respect of the following specified income arising to the said body, as follows:- (a) amount received in the form of grants-in-aid from Government of India; and (b) income arising out or derived from interest on grants-in-aid. 2. The notification shall be subject to the conditions that:- (a) the body does not engage in any commercial activity; (b) its activities and the nature of the specified income remain unchanged throughout the financial years; 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. 3. This notification shall be applicable for financial years 2012-13 to 2016-17. [F.NO.196/16/2014-ITA.I]