Central Government hereby notifies for exemption U/s. 10(46), ‘Kozhikode District Sports Council, Kozhikode’, a body constituted under Section 9 of the Kerala Sports Act, 2000vide Notification No. 68/2018 Dated : 22nd October, 2018.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION No. 68/2018
New Delhi, the 22nd October, 2018
S.O. 5365(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, ‘Kozhikode District Sports Council, Kozhikode’, a body constituted under Section 9 of the Kerala Sports Act, 2000 (Act 2 of 2001), in respect of the following specified income arising to that body, namely:—
(a) Grants from Government and State Sports Council;
(b) Rent Collected from Stadium and shop rooms housed in Koyilandy stadium and VKK Mendon Indoor stadium;
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Kozhikode District Sports Council, Kozhikode—
(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 2016-17, 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20 and 2020-21
[Notification No. 68/2018/ F.No. 300196/01/2016-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.