The Ministry of Finance, Department of Revenue, through the Central Board of Direct Taxes, issued Notification No. 120/2025 – Income Tax on July 22, 2025. This notification, under the powers granted by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961, officially recognizes the Greater Ludhiana Area Development Authority (PAN: AAALG1055F). This authority, established under the Punjab Regional and Town Planning and Development Act, 1995, is now eligible for certain income tax exemptions. The notification is effective retrospectively from the assessment year 2024-2025. This exemption remains valid as long as the Greater Ludhiana Area Development Authority continues its function as an authority under the Punjab Act of 1995 and its purposes align with those specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act, 1961. An explanatory memorandum clarifies that this retrospective effect does not adversely affect any person.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 120/2025 – Income Tax | Dated : 22nd July, 2025
S.O. 3360(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 “Greater Ludhiana Area Development Authority” (PAN: AAALG1055F) (hereinafter referred to as “the assessee”), an authority constituted under the Punjab Regional and Town Planning and Development Act, 1995 (Punjab Act No. 11 of 1995), 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 Punjab Regional and Town Planning and Development Act, 1995 (Punjab Act No. 11 of 1995) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act, 1961.
[Notification No. 120/2025/F. No. 300195/1/2024-ITA-I]
MEENAKSHI SINGH, Dy. Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
