MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 1/2018-Income Tax
New Delhi, the 18th January, 2018
S.O. 284(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, ‘West Bengal Electricity Regulatory Commission’, Kolkata, a commission constituted by the Government of West Bengal, in respect of the following specified income arising to that commission, namely:—
(a) income from the fund maintained in accordance with the provisions of the West Bengal Electricity Regulatory Commission (Manner of application of Fund) Rules, 2006; and
(b) income from the fees collected in accordance with the provisions of the West Bengal Electricity (fees for application for grant of license) Rules, 2005, notified by the Government of West Bengal.
2. This notification shall be effective subject to the conditions that West Bengal Electricity Regulatory Commission, Kolkata,—
(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 2016-2017 and shall apply with respect to the Financial Years 2017-2018, 2018-2019, 2019-2020 and 2020-2021.
[Notification No. 1/2018/F. No. 300196/9/2016-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.