U/s 10(46) of IT Act 1961 - Central Government notifies ‘Competition Commission of India’ in respect of the specified income arising to that Commission - 72/2021 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 72/2021 New Delhi, the 9th June, 2021 S.O. 2246(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, Competition Commission of India (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:- (a) Amount received in the form of Government grants; (b) Fee received under the Competition Act, 2002; and (c) Interest income accrued on (a) and (b) above. 2. This notification shall be effective subject to the conditions that Competition Commission of India, - (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 apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026. [F. No.300196/15/2020-ITA-I] PRAJNA PARAMITA, Director,