Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return filing.

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....Income arising to the Chhattisgarh Real Estate Regulatory Authority from government grants, loans or advances, regulatory fees and penalties, and interest on those receipts is notified for exemption under section 10(46) of the Income-tax Act, 1961. The exemption applies subject to the authority not undertaking commercial activity, maintaining unchanged activities and income character, and filing its income-tax return as required. Non-compliance may trigger penal action and withdrawal of the exemption. The notification is deemed applicable for assessment years 2024-25 through 2026-27, under the savings provisions governing the repeal of the 1961 Act.....