Income of Joint Electricity Regulatory Commission Goa notified exempt u/s 10(46)

Joint Electricity Regulatory Commission Goa notified u/s 10(46). Income from Petition/Licence fees and Interest earned to be exempt 

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 30th January, 2019

S.O. 552(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, ‘Joint Electricity Regulatory Commission (for the State of Goa and Union Territories except Delhi)’, a commission constituted by the Government of India, in respect of the following specified income arising to that Commission, namely:—

(a) Petition fees;

(b) Licence fees; and

(c) Interest earned on (a) and (b) above.

2. This notification shall be effective subject to the conditions that Joint Electricity Regulatory Commission (for the State of Goa and Union Territories except Delhi)—

(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 2017-2018 and 2018- 2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

[Notification No. 6/2019/F. No. 300196/17/2016-ITA-I]

RAJARAJESWARI R., Under Secy.

Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.