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The Central Government notifies the Yamuna Expressway Industrial Development Authority for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The notification applies to specified income from state grants, property disposal, rent and fees, bank interest, and interest or penalties on deferred payments. The authority must not engage in any commercial activity. The activities and nature of the specified income must remain unchanged throughout the financial years. The authority must file a return of income under section 139 of the Income-tax Act, 1961. The notification applies retrospectively for the financial year 2018-2019 to the financial year 2022-2023.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th July, 2023
S.O. 3050(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, ‘Yamuna Expressway Industrial Development Authority’, (PAN AAALT0341D), an authority constituted by the State Government of Uttar Pradesh, in respect of the following specified income arising to that Authority, namely:-
[Notification No. 48 /2023/F. No. 300196/4/2014-ITA-I(Pt.-1)] VIKAS SINGH, Director, ITA-I
Explanatory Memorandum
This notification shall be given retrospective effect for the financial year 2018-19 to financial year 2022-23 in view of the Order of the Hon’ble Delhi High Court in matter of Yamuna Expressway Industrial Development Authority V. Union of India and Others in [W.P. (Civil) No. 5318 of 2023], dated 26th of April, 2023 digitally signed on 25th of May, 2023. It is certified that no person is being adversely affected by giving retrospective effect to this notification.
