U/s 10(46) of IT Act 1961 - Central Government notifies, ‘Uttar Pradesh Electricity Regulatory Commission’ a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 - 79/2022 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 79/2022 New Delhi, the 6th July, 2022 S.O. 3105(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, Uttar Pradesh Electricity Regulatory Commission (PAN AAALU0227H), a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (U.P. Act No.24 of 1999), in respect of the following specified income arising to that Commission, namely:- (a) Amount received in the form of Government grants; (b) Amount received in the form of licence fees Fines; and (c) Interest earned on (a) (b) above. 2. This notification shall be effective subject to the conditions that Uttar Pradesh Electricity Regulatory Commission,- (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 financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026. [F. No. 300196/38/2021-ITA-I] SOURABH JAIN, Under Secy. Explanatory Memorandum It is certified that no person is being affected adversely by giving retrospective effect to this notification.