Income not included to total income - ‘Urban Improvement Trust Udaipur’[Trust constituted by the State Government of Rajasthan] notified. - 62/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 62/2023 New Delhi, the 16th August, 2023 S.O. 3666(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, Urban Improvement Trust Udaipur , (PAN AAALU0072E), a Trust constituted by the State Government of Rajasthan, in respect of the following specified income arising to that Trust, namely:- (a) Grants received from the State Government; (b) Moneys received from the disposal of land, building and other properties; (c) Moneys received by way of rent/lease of land, building and other properties; (d) Moneys received by way of fees, interest or any other charges received under the Rajasthan Urban Improvement Trust Act, 1959; (e) Interest earned on (a) to (d) above; and (f) Interest on Loans received from the State Government. 2. This notification shall be effective subject to the conditions that Urban Improvement Trust Udaipur,- (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 assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017 and 2017-2018 relevant to the financial years 2012-2013, 2013-2014, 2014-2015, 2015-2016 and 2016-2017 respectively. [F.No. 300196/2/2023-ITA-I] VIKAS SINGH, Director, ITA-I Explanatory Memorandum This notification shall be given retrospective effect for the assessment years 2013-2014 to 2017-18 relevant to the financial years 2012-2013 to 2016-2017, respectively, in view of the Order of the Hon ble High Court of Judicature for Rajasthan at Jodhpur in matter of Urban Improvement Trust, Udaipur V. Union of India and Anr. In [D.B. Writ Petition (Civil) No. 1004 of 2016], dated 21st of April, 2023 - 2023 (8) TMI 780 - RAJASTHAN HIGH COURT . It is certified that no person is being adversely affected by giving retrospective effect to this notification.