This notification, S.O. 1425(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on March 26, 2019, grants an income tax exemption to the Odisha Electricity Regulatory Commission (OERC), Bhubaneswar, under clause 46 of section 10 of the Income-tax Act, 1961. This exemption applies to the following specified income: Government grants, license fees from licensees, application processing fees, and interest earned on these amounts.
The notification is effective contingent upon the OERC not engaging in commercial activities, maintaining consistent activities and income streams throughout the financial years, and filing income tax returns as per clause (g) of subsection (4C) of section 139 of the Income-tax Act, 1961.
This notification is applied retrospectively for the assessment year 2018-2019 and will be applicable for the assessment years 2019-2020, 2020-2021, and 2021-2022.
The notification number is 28/2019 (F. No. 300196/24/2016-ITA-I) and was issued by Rajarajeshwari R., Under Secretary.
Key Entities Referenced
Odisha Electricity Regulatory Commission, Bhubaneswar: A commission established by the State Government of Odisha, notified under clause 46 of section 10 of the Income-tax Act, 1961.
Income-tax Act, 1961: An act of the Indian Parliament.
Central Board of Direct Taxes: A department under the Ministry of Finance.
Ministry of Finance: The ministry responsible for the financial matters of the government.
New Delhi: Location of publication of the gazette notification.
Government of Odisha: The state government that established the Odisha Electricity Regulatory Commission.
Section 10 of the Income-tax Act, 1961: Section of the Income-tax Act, 1961 that contains clause 46, under which the Odisha Electricity Regulatory Commission is notified.
S.O. 1425E: The official number assigned to the statutory order/notification.
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िववरणी दायर करेगा।
1874 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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[अिधसूचना स.ं 28 /2019/फा. स.ं 300196/24/2016-आईटीए-I]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 26th March, 2019
S.O. 1425(E).—In supersession of Gazette Notification No.1359(E) dated 28.04.2017, the Central
Government in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43
of 1961), hereby notifies for the purposes of the said clause, ‘Odisha Electricity Regulatory Commission’,
Bhubaneswar, a commission established by the State Government of Odisha, 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 Licence fee from the licensees;
(c) Amount received as application processing fee; and
(d) Interest earned on (a) to (c) above.
2. This notification shall be effective subject to the conditions that Odisha Electricity Regulatory
Commission, Bhubaneswar,-
(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 assessment years 2018-2019 and
shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.
[Notification No. 28/2019/F. No. 300196/24/2016-ITA-I]
RAJARAJESWARI R., Under Secy.
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective
effect to this notification.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.