Section 10(46) of the Income-tax Act, 1961 – Exemptions – Statutory body/authority/board/commission – Notified body or authority – Uttar Pradesh Electricity Regulatory Commission 

NOTIFICATION NO. 21/2015 [F.NO.196/37/2012-ITA.1]/SO 715(E), DATED 10-3-2015

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 ‘Uttar Pradesh Electricity Regulatory Commission’, a Commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (UP Act No.24 of 1999), in respect of the following specified income arising to the said Commission, namely :—

(a) amount received in the form of government grants;
(b) amount received as license fees and fines;
(c) interest earned on government grants, license fees and fines.

2. The notification shall be subject to the conditions that the Uttar Pradesh Electricity Regulatory Commission—

(a) shall not engage in any commercial activity;
(b) files return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the said Act; and
(c) its activities and the nature of the specified income of the said Commission remains unchanged throughout the financial years,

3. This notification shall be applicable for financial years 2011-12 to 2015-16.

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