Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assessment years.

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....Specified income of the Baddi Barotiwala Nalagarh Development Authority is exempt under section 10(46) of the Income-tax Act, 1961, pursuant to transitional provisions preserving the operation of the repealed Act for relevant earlier tax years. The exemption covers Central or Himachal Pradesh Government grants, revenue receipts under the Himachal Pradesh Town and Country Planning Act, 1977, and interest on bank deposits. It applies retrospectively for assessment years 2024-25 to 2026-27, subject to the Authority not undertaking commercial activity, maintaining unchanged activities and specified income, and filing its income-tax return. Non-compliance may trigger penalties and withdrawal of exemption.....