Exemption u/s 10(46) in relation to specified income of notified person - Odisha Electricity Regulatory Commission - 28/2019 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 28/2019 New Delhi, the 26th March, 2019 S.O. 1425(E).- In supersession of Gazette Notification No.1359(E) dated 28.04.2017 , the Central Government in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) , hereby notifies for the purposes of the said clause, Odisha Electricity Regulatory Commission , Bhubaneswar, a commission established by the State Government of Odisha, in respect of the following specified income arising to that commission, namely:- (a) Amount received in the form of Government grants; (b) Amount received as Licence fee from the licensees; (c) Amount received as application processing fee; and (d) Interest earned on (a) to (c) above. 2. This notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, Bhubaneswar,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and (c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961 . 3. This notification shall be deemed to have been applied for the assessment years 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022. [F. No. 300196/24/2016-ITA-I] RAJARAJESWARI R., Under Secy. Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.