The Central Board of Direct Taxes ( CBDT ) exempted the Real Estate Appellate Tribunal, Punjab under Section 10(46) from Income Tax Act, 1961. The board vide notification no. S.O. 2208(E) dated 6th June 2024 has notified the same.
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, the Central Government hereby notifies for the purposes of the said clause, ‘Real Estate Appellate Tribunal, Punjab’, a body constituted by the Government of Punjab, in respect of the following specified income arising to that body, namely:
(a) Levy of fees/charges/fines collected under The Real Estate (Regulation and Development) Act, 2016 (Central Act No.16 of 2016) and Punjab State Real Estate (Regulation and Development) Rules, 2017
(b) Government grants
(c) Interest on bank deposits.
This notification shall be effective subject to the conditions that Real Estate Appellate Tribunal, Punjab –
(a) shall not engage in any commercial activity;
(b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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.
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