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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 49/2019- Income Tax

New Delhi, the 27th June, 2019

S.O. 2163(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, ‘Karnataka Electricity Regulatory Commission’, Bengaluru (PAN AAAGK0112L), a commission established by the Government of Karnataka, in respect of the following specified income arising to that Commission, namely:-

(a) Grant by Government of Karnataka;

(b) Annual Fees;

(c) Tariff Application Fees;

(d) Power Purchase Agreement processing fees;

(e) Fines and Penalties (if levied);

(f) Miscellaneous receipts like copying charges of various documents sale of retail tariff orders sale of regulations, RTI application fees etc.; and

(g) Interest earned on (a) to (f) above.

2. This notification shall be effective subject to the conditions that Karnataka Electricity Regulatory Commission, Bengaluru –

(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 apply with respect to the assessment year 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-2025.

[Notification No. 49/2019, F.No.300196/33/2019-ITA-I]
RAJARAJESWARI R., Under Secy.

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