U/s 10(46) of IT Act 1961 - Central Government notifies ‘Cochin Special Economic Zone Authority’ a Board constituted by the Government of India in respect of the specified income arising to that Authority - 27/2020 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 27/2020 New Delhi, the 27th May, 2020 S.O. 1659(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, Cochin Special Economic Zone Authority , Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the following specified income arising to that Authority, namely:- (a) Lease rent (charged as per Government prescribed rate); (b) Interest from banks on RDRs; (c) Receipts from I-Card and permit fee; (d) Allotment Fee in respect of Standard Design Factories (SDF); (e) Auction/Bid amount in respect of Plots/Buildings which fall vacant; (f) Transfer charges in respect of Plot/Building; (g) Fee for issue of Form-I for exemption of Building Plans; (h) Processing fee for approval of Building Plans; (i) Usage charges from Service provided; (j) License fee for allotment of Staff Quarters to the Staff; (k) Integrated Water Management Systems (IWMS) (Water Treatment Plant (WTP), Common Effluent Treatment Plant (CETP), Incinerator, Biogas Plant) charges/fees/fine etc.; (l) Power Distribution Business; and (m) From the sale of miscellaneous scrap/waste. 2. This notification shall be effective subject to the conditions that Cochin Special Economic Zone Authority, Kochi,- (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. (d) Shall file the audit report along with the return, duly verified by the accountant as provided in explanation to section 288 (2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied. 3. This notification shall be deemed to have been applied for the assessment years 2018-2019 and 2019-2020 and shall apply with respect to the assessment years 2020-2021, 2021-2022 and 2022-2023. [F.No.300196/26/2018-ITA-I] PRAJNA PARAMITA, Director