CBDT exempts income of RERA, HP & National Council of Science Museum Kolkata

CBDT exempts income of RERA Himanchal Pradesh & National Council of Science Museum Kolkata u/s 10(46)

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961, CBDT has exempted specified income of Real Estate Regulatory Authority Himanchal Pradesh (PAN AAAGR1176F). (Notification No. 86 /2021)

Also, ‘National Council of Science Museums’, Kolkata (PAN AAAAN2541C), an autonomous body established under the Ministry of Culture has also been notified in respect of the specified incomes. Notification No. 85 /2021

The exemption is subject to the following conditions:

(i) they shall not engage in any commercial activity;

(ii) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(iii) they 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.

(iv) They shall file the CA Audit report along with the Return along with a certificate from the chartered accountant that the above conditions are satisfied.

The exemption has been granted with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

• Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
• Mutual Funds to value physical Gold and Silver by using the polled spot prices
• SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
• Merely because sales were declared for only one month, same cannot be treated as bogus
• ITAT deleted addition as method of accounting had been accepted in earlier years