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The Central Government notifies specified income of the Polavaram Project Authority, Hyderabad, under clause (46) of section 10 of the Income-tax Act, 1961. The specified income includes grants received from the Central Government and interest earned on bank deposits. The Authority must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The Authority must file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. This notification applies retrospectively for assessment years 2020-2021, 2021-2022, 2022-2023, and 2023-2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th January, 2024
S.O. 82(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, ‘Polavaram Project Authority, Hyderabad (PAN: AAAGP0436N), an Authority constituted by the Central Government in respect of the following specified income arising to the said Authority, as follows:
[Notification No. 9/2024 F. No. 300196/51/2019-ITA-I] VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. .
