U/s 10(46) of IT Act 1961 - Central Government notifies ‘Gujarat Electricity Regulatory Commission’ - 115/2021 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 115/2021 New Delhi, the 20th September, 2021 S.O. 3882(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, Gujarat Electricity Regulatory Commission , Gandhinagar (PAN AAAAG0638C), a commission established by the state government of Gujarat, in respect of the following specified income arising to the Commission, namely:- (a) Annual license fee; (b) Petition fee; and (c) Interest earned on fixed/term deposits and savings account with nationalized banks/state sponsored financial institutions. 2. This notification shall be effective subject to the conditions that Gujarat Electricity Regulatory Commission, Gandhinagar,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged throughout the financial years; (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 ; and (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. 300196/9/2021-ITA-I] SOURABH JAIN, Under Secy.