MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 53/2018-Income Tax
New Delhi, the 14th September, 2018
S.O. 4867(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, the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN AAIAS0980J), a trust constituted under the Electricity Act, 2003 (36 of 2003) in respect of the following specified income arising to that trust, namely:-
(a) Residual money in the unscheduled interchange pool balance account;
(b) Income incidental to or related to unscheduled interchange; and
(c) Interest on fixed deposits and auto-sweep accounts.
2. This notification shall be effective subject to the conditions that the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN AAIAS0980J),-
(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 year 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.
[Notification No. 53/2018/F. No. 300196/41/2017-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.