Exemption under section 10(46): specified incomes of Karnataka Urban Water Supply & Drainage Board exempt subject to conditions. Notification grants exemption for Karnataka Urban Water Supply & Drainage Board, Bangalore in respect of specified income: establishment, administrative, supervision, water charges and rent; forfeiture of earnest money deposits; penalties, sale of scrap, storage charges, issue of tender forms and survey charges; and interest on bank deposits. The exemption is subject to conditions that the Board shall not engage in commercial activity, that activities and specified income remain unchanged through the financial years, and that the Board files returns of income as required under the Income-tax Act. The notification applies to the stated sequence of assessment years.