The Central Board of Direct Taxes (CBDT) notified the income Yamuna Expressway Industrial Development Authority exempted under section 10(46) of the Income Tax Act 1961.
The Government notified for the purposes of the Yamuna Expressway Industrial Development Authority’, an authority constituted by the State Government of Uttar Pradesh, in respect of the five incomes will be exempted under section 10(46) of the Income Tax Act 1961.
Firstly, grants received from the State Government.
Secondly, moneys received from the disposal of land, building and other properties, movable and immovable;
Thirdly, money received by the way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable.
Fourthly, the amount of interest earned on the funds deposited in the banks.
Fifthly, the amount of interest/penalties received on the deferred payment received from the Allottees of various movable or immovable properties.
However, the government also clarified that notification shall be effective subject to the conditions that Yamuna Expressway Industrial Development Authority shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and 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 and shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.
“This notification shall be deemed to have been applied for the assessment years 2014-2015, 2015-2016, 2016-2017, 2017-2018 and 2018-2019,” the CBDT notified.Subscribe Taxscan AdFree to view the Judgment