MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 8th July, 2022

S.O. 3142(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, ‘Bihar Electricity Regulatory Commission’ (PAN AAALB1099E), a Commission constituted by the State Government of Bihar, in respect of the following specified income arising to that Commission, namely:

     (a) amount received as licence fee from licensees in electricity;

     (b) amount received as application processing fee; and

      (c) Interest earned on Government Grants and on (a) & (b) above.

2  This notification shall be effective subject to the conditions that Bihar Electricity Regulatory Commission:-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; 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.

3. This notification shall be deemed to have been applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 81/2022/F. No. 300196/14/2021-ITA-I]

SOURABH JAIN, Under Secy.

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.