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of The Central Government, exercising powers under clause (46) of section 10 of the Income-tax Act, 1961, has exempted specified income of a State Government constituted authority from income tax. The exempt income includes grants from Central and State Governments, revenue receipts under a State Town and Planning Act, and interest on bank deposits. The exemption is conditional upon the Authority refraining from commercial activities, maintaining the nature of specified income unchanged, and filing income tax returns per section 139(4C)(g). The notification applies retrospectively to assessment years 2014-2015 through 2018-2019. The exemption effectively relieves the Authority of tax liability on specified income arising from governmental grants and statutory revenue, subject to compliance with stipulated conditions, ensuring no adverse impact on any person due to its retrospective application.
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