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The Central Government notifies specified income of the Assam Electricity Regulatory Commission under clause 46 of section 10 of the Income-tax Act, 1961. The notification applies to government grants, license fees, petition fees, fines, and related bank interest. The Commission must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The Commission must file returns of income under clause g of sub-section 4C of section 139 of the Income-tax Act, 1961. The notification applies for the financial years 2016-17 to 2020-21.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd February, 2017
S.O. 618(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 for the said clause, Assam Electricity Regulatory Commission, constituted by the Government of Assam, in respect of the following specified income arising to that Commission, namely:-
(a) amount received in the form of government grants; (b) amount received as license fees, petition fees and fines; and (c) interest earned on government grants, license fees, petition fees and fines kept as deposits or fixed deposits with banks.
