MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
( CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 14th September, 2018
S.O. 4858(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’, Lucknow, a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (UP Act No.24 of 1999), in respect of the following specified income arising to the said Commission, namely:--
(a) amount received in the form of Government grants;
(b) amount received as licence fees & fines; and
(c) interest on Government grants, licence fees & fines.
2. This notification shall be effective subject to the conditions that Uttar Pradesh Electricity Regulatory Commission, Lucknow,-
(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 assessment years 2017-2018 and 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.
[Notification No. 44 /2018/F.No.300196/2/2017-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum:-It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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Source : https://www.incometaxindia.gov.in/communications/notification/notification44_2018.pdf