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<h1>Tax exemption under Section 10(46A)(b) granted to Punjab development authority from assessment year 2024-25, with conditions</h1> The Central Government, exercising powers under section 10(46A)(b) of the Income-tax Act, 1961, grants specified tax exemption to a development authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, treated as the assessee for this purpose. The exemption applies from assessment year 2024-25, conditional upon the authority continuing to be constituted under the 1995 Punjab Act and pursuing one or more purposes specified in section 10(46A)(a) of the Income-tax Act. It is certified that the retrospective effect of this notification does not adversely affect any person.