Exemption from specified income granted to Bellary Urban Development Authority, subject to non commerciality and filing conditions. Notification under clause (46) of section 10 of the Income tax Act notifies Bellary Urban Development Authority as entitled to exemption for specified incomes: revenue from own layout development, private layout betterment collections, civil supervision charges, lease receipts from civic amenity sites, and interest on bank deposits; subject to conditions that the Authority shall not engage in commercial activity, that activities and the nature of specified income remain unchanged, and that it files its return under clause (g) of sub section (4C) of section 139; the notification applies retrospectively to assessment years 2021-2022 through 2023-2024.
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Provisions expressly mentioned in the judgment/order text.
Exemption from specified income granted to Bellary Urban Development Authority, subject to non commerciality and filing conditions.
Notification under clause (46) of section 10 of the Income tax Act notifies Bellary Urban Development Authority as entitled to exemption for specified incomes: revenue from own layout development, private layout betterment collections, civil supervision charges, lease receipts from civic amenity sites, and interest on bank deposits; subject to conditions that the Authority shall not engage in commercial activity, that activities and the nature of specified income remain unchanged, and that it files its return under clause (g) of sub section (4C) of section 139; the notification applies retrospectively to assessment years 2021-2022 through 2023-2024.
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