Ministry of Finance (Department of Revenue), through the Central Board of Direct Taxes (CBDT), has issued Notification No. 116-Income Tax dated 17th July 2025. Under this notification, the Central Government has notified the “New Okhla Industrial Development Authority” (PAN: AAALN0120A) as an eligible entity under sub-clause (b) of clause (46A) of Section 10 of the Income-tax Act, 1961. This recognition is granted for the purpose of income-tax exemption as applicable to certain authorities. The New Okhla Industrial Development Authority, established under the Uttar Pradesh Industrial Area Development Act, 1976, is required to continue fulfilling the criteria outlined under sub-clause (a) of clause (46A), such as serving public purposes like infrastructure development or urban planning. The notification is effective from the assessment year 2024–25 and remains valid as long as the authority retains its constitution under the relevant state act and continues pursuing the qualifying objectives.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 116/2025-Income Tax | Dated: 17th July, 2025
S.O. 3265(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as “the Income-tax Act”), the Central Government hereby notifies “New Okhla Industrial Development Authority” (PAN: AAALN0120A) (hereinafter referred to as “the assessee”), an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976 (U.P. Act No. 6 of 1976), for the purposes of the said clause.
2. This notification shall be effective from the assessment year 2024-2025, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976 (U.P. Act No.6 of 1976) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.
[Notification No. 116 /2025/F. No. 300195/24/2024-ITA-I]
MEENAKSHI SINGH, Dy. Secy.
