Central Government notifies ‘Manipur State Rural Road Development Agency’, a body established by Government of Manipur, in respect of the specified income arising to the body under Section 10(46) of the Income-tax Act, 1961
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 97/2017
New Delhi, the 12th December, 2017
S.O. 3868(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, ‘Manipur State Rural Road Development Agency’, a body established by Government of Manipur, in respect of the following specified income arising to the body, namely:-
a) fund received for PMGSY from Ministry of Rural Development, Government of India; and
b) interest received from Bank on above fund.
2. This notification shall be effective subject to the conditions that Manipur State Rural Road Development Agency,-
(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 financial years 2015-2016, 2016-2017 and shall apply with respect to the financial years 2017-2018, 2018-2019 and 2019-2020.
[Notification No. 97/2017/ F. No. 300196/8/2016-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.