Income-tax exemption under section 10(46) for Godavari River Management Board covers grants and bank interest, subject to conditions. Godavari River Management Board, Hyderabad is notified as eligible for income-tax exemption for specified income comprising Central Government grants/subsidies, State Government grants/subsidies from Andhra Pradesh and Telangana, and interest from bank deposits including savings. The exemption is subject to conditions that the Board shall not engage in commercial activity, its activities and the nature of specified income remain unchanged, and it files its return of income as required. The notification is applied retrospectively to the assessment years corresponding to financial years 2019-20 through 2022-23.
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Provisions expressly mentioned in the judgment/order text.
Income-tax exemption under section 10(46) for Godavari River Management Board covers grants and bank interest, subject to conditions.
Godavari River Management Board, Hyderabad is notified as eligible for income-tax exemption for specified income comprising Central Government grants/subsidies, State Government grants/subsidies from Andhra Pradesh and Telangana, and interest from bank deposits including savings. The exemption is subject to conditions that the Board shall not engage in commercial activity, its activities and the nature of specified income remain unchanged, and it files its return of income as required. The notification is applied retrospectively to the assessment years corresponding to financial years 2019-20 through 2022-23.
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