Exemption from specified income U/s 10(46) of IT Act 1961 – ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited' - 107/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 107/2024 New Delhi, the 11th October, 2024 S.O. 4398(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, State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J), constituted under the Electricity Act, 2003 (36 of 2003) in respect of the following specified income arising to that trust, namely: (a) Residual money in the unscheduled interchange pool balance account; (b) Income incidental to or related to unscheduled interchange; and (c) Interest on fixed deposits and auto-sweep accounts. 2. This notification shall be effective subject to the conditions that the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J)- (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 assessment years 2023-2024 and 2024-2025 relevant for the financial years 2022-2023 and 2023-2024 respectively. [F. No. 300196/4/2024-ITA-I] VIKAS SINGH, Director ITA-I Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.