Exemption from specified income U/s 10(46) -‘Bhadohi Industrial Development Authority’ an Authority constituted by the state government of Uttar Pradesh, Notified - 16/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 16/2023 New Delhi, the 1st April, 2023 S.O. 1585(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, Bhadohi Industrial Development Authority , (PAN AAALB0141M), an Authority constituted by the state government of Uttar Pradesh, in respect of the following specified income arising to that Authority, namely: (a) Money received from the disposal of land/90 year s lease of immovable properties; (b) Money received by the way of lease rent fees or any other charges from the disposal/90 years lease of immovable properties; (c) The amount of interest/penalties received on the deferred payment received from the allottees of various immovable properties; (d) Water, sewerage and other municipal charges from the allottees of various immovable properties; and (e) Interest earned on (a) to (d) above. 2. This notification shall be effective subject to Bhadohi Industrial Development Authority:- (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. 1 [ This notification shall be deemed to have been applied for the financial year 2020-2021 to financial year 2022-2023 relevant to the assessment year 2021-2022 to assessment year 2023-2024. ] . [F. No.300196/11/2019-ITA-I] SOURABH JAIN, Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. **************** NOTES:- 1. Substituted vide NOTIFICATION NO. 14/2024 dated 23-01-2024 before it was read as, This notification shall be deemed to have been applied for the financial year 2020-2021 (for period from 01-06-2020 to 31-03-2021) and for the financial years 2021-2022 to 2022-2023