Central Government notifies ‘Greater Noida Industrial Development Authority’, an authority constituted by the State Government of Uttar Pradesh, in respect of the specified income arising to that Commission - 33/2020 - Income Tax Act, 1961
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Income-tax exemption under section 10(46) confers specified income relief to Greater Noida Industrial Development Authority subject to compliance. Notification under clause (46) of section 10 notifies Greater Noida Industrial Development Authority as an authority eligible for exemption in respect of specified incomes: state grants; proceeds from disposal/90-year lease of immovable properties; lease rent, fees and related charges; interest on bank deposits; interest/penalties on deferred allottee payments; and water, sewerage and municipal charges. The exemption is conditional on non-engagement in commercial activity, unchanged activities and income nature, filing the return per clause (g) of sub section (4C) of section 139, and filing an audited report with a chartered accountant's certificate. The notification is made retrospective to 01-06-2011 and applies to specified assessment years.
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.
Income-tax exemption under section 10(46) confers specified income relief to Greater Noida Industrial Development Authority subject to compliance.
Notification under clause (46) of section 10 notifies Greater Noida Industrial Development Authority as an authority eligible for exemption in respect of specified incomes: state grants; proceeds from disposal/90-year lease of immovable properties; lease rent, fees and related charges; interest on bank deposits; interest/penalties on deferred allottee payments; and water, sewerage and municipal charges. The exemption is conditional on non-engagement in commercial activity, unchanged activities and income nature, filing the return per clause (g) of sub section (4C) of section 139, and filing an audited report with a chartered accountant's certificate. The notification is made retrospective to 01-06-2011 and applies to specified assessment years.
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