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Notification No. 72/2021 [F. No.300196/15/2020-ITA-I] / SO 2246(E)

 Notice Date : 09 June 2021

(Department of Revenue)
New Delhi, the 9th June, 2021

S.O. 2246(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, ‘Competition Commission of India’ (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-

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

(b) Fee received under the Competition Act, 2002; and

(c) Interest income accrued on (a) and (b) above.

2. This notification shall be effective subject to the conditions that Competition Commission of India,-

(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.

(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

3. This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 72 /2021/F. No.300196/15/2020-ITA-I]


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