The Central Government, through Notification No. 121/2025 – Income Tax issued on July 22, 2025, has notified the Moradabad Development Authority (PAN: AAJFM7731M) for income tax exemption under sub-clause (b) of clause (46A) of Section 10 of the Income-tax Act, 1961. This exemption is effective from the Assessment Year 2024-2025. The Moradabad Development Authority is an entity established under the Uttar Pradesh Urban Planning & Development Act, 1973. The notification specifies that the exemption remains valid as long as the authority continues to be constituted under the said Uttar Pradesh Act and fulfills one or more of the purposes outlined in sub-clause (a) of clause (46A) of Section 10 of the Income-tax Act. An explanatory memorandum accompanying the notification confirms that no party is adversely affected by this retrospective application.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 121/2025 – Income Tax | Dated: 22nd July, 2025
S.O. 3362(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 the “Moradabad Development Authority” (PAN: AAJFM7731M) (hereinafter referred to as “the assessee”), an authority constituted under the Uttar Pradesh Urban Planning & Development Act, 1973 (President’s Act No. 11 of 1973), 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 Urban Planning & Development Act, 1973 (President’s Act No. 11 of 1973) 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. 121/2025/F. No. 300195/46/2024-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.
