U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘Uttar Pradesh Electricity Regulatory Commission’, Lucknow, a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (UP Act No.24 of 1999), in respect of the specified income arising to the said Commission - 44/2018 - Income Tax Act, 1961
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Tax exemption for regulatory commission: specified income exempt under conditions barring commercial activity and requiring specified return filing. Notification under section 10(46) of the Income tax Act, 1961 notifies the Uttar Pradesh Electricity Regulatory Commission as a commission entitled to exemption for specified income comprising Government grants, licence fees and fines, and interest on those receipts. The exemption is conditional on UPERC not engaging in commercial activity, maintaining unchanged activities and specified income across financial years, and filing returns as required by clause (g) of sub section (4C) of section 139. The notification applies retrospectively to assessment years 2017 2018 and 2018 2019 and to assessment years 2019 2020 through 2021 2022.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption for regulatory commission: specified income exempt under conditions barring commercial activity and requiring specified return filing.
Notification under section 10(46) of the Income tax Act, 1961 notifies the Uttar Pradesh Electricity Regulatory Commission as a commission entitled to exemption for specified income comprising Government grants, licence fees and fines, and interest on those receipts. The exemption is conditional on UPERC not engaging in commercial activity, maintaining unchanged activities and specified income across financial years, and filing returns as required by clause (g) of sub section (4C) of section 139. The notification applies retrospectively to assessment years 2017 2018 and 2018 2019 and to assessment years 2019 2020 through 2021 2022.
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