Tax exemption for a special economic zone authority covers specified income, subject to no commercial activity and return filing conditions. Tax exemption under section 10(46) is notified for the Visakhapatnam Special Economic Zone Authority in respect of specified income, including lease rent, permit fees, allotment fees, transfer charges, processing fees, site usage charges, licence fee, and bank interest. The exemption is subject to the authority not engaging in commercial activity, keeping its activities and specified income unchanged, and filing returns as prescribed. Non-compliance may attract penal action and withdrawal of the exemption, and the notification applies for the assessment years stated in the notification.