Tax exemption for regulatory board: specified receipts exempted subject to non-commercial and return-filing conditions. Notification under clause (46) of section 10 designates Petroleum and Natural Gas Regulatory Board, New Delhi, as exempt in respect of specified income comprising Central Government grants, other grants, fees and penalties, sums approved under its constitutive statute, and interest on deposits, subject to conditions that the Board shall not engage in commercial activity, that its activities and the nature of specified income remain unchanged across the relevant financial years, and that it files income-tax returns in accordance with the prescribed provision.