CBDT Notifies ‘Uttar Pradesh Electricity Regulatory Commission’ for Exemption Under Section 10(46)

The Central Board of Direct Taxes(CBDT) Vide Notification No. 79/2022 dated 6th July 2022 Notifies ‘Uttar Pradesh Electricity Regulatory Commission’ for Exemption Under Section 10(46).

The Notification is Given Below:

S.O. 3105(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Uttar Pradesh Electricity Regulatory Commission’ (PAN AAALU0227H), a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (U.P. Act No.24 of 1999), in respect of the following specified income arising to that Commission, namely:-

(a) Amount received in the form of Government grants;

(b) Amount received in the form of licence fees & Fines; and

(c) Interest earned on (a) & (b) above.

2. This notification shall be effective subject to the conditions that Uttar Pradesh Electricity Regulatory Commission,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

For Official Notification Download PDF Given Below: