Income tax exemption for regulatory commission applies to specified fund and fee income, subject to non commercial and filing conditions. Income tax exemption under clause (46) of section 10 is granted to the West Bengal Electricity Regulatory Commission in respect of income from the fund maintained under its fund rules and income from fees collected under the State's fee rules, subject to a defined notification period and conditions that it shall not engage in commercial activity, that its activities and specified income remain unchanged during the period, and that it files income-tax returns as required.