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Date: 11-Jul-2023 Category: Extra Ordinary State: Union Government Country: India

Notification u/s 10(46) in case of Yamuna Expressway Industrial Development Authority

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to Yamuna Expressway Industrial Development Authority (YEIDA) under Section 10(46) of the Income-tax Act, 1961, for specific incomes.
  • The exemption applies retrospectively from financial year 2018-2019 to 2022-2023.

Key Changes

  • Exemption is provided on the following incomes of YEIDA:
  • Grants received from the Uttar Pradesh State Government.
  • Proceeds from the sale of land, buildings, and other movable and immovable properties.
  • Revenue from rent, fees, and other charges from land, buildings, and other movable and immovable properties.
  • Interest earned on funds deposited in banks.
  • Interest and penalties received on deferred payments from allottees of various movable or immovable properties.
  • The exemption is conditional upon YEIDA not engaging in any commercial activity, maintaining the unchanged nature of specified income and activities throughout the financial years, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is issued to comply with the order of the Hon’ble Delhi High Court in the matter of Yamuna Expressway Industrial Development Authority V. Union of India and Others [W.P. (Civil) No. 5318 of 2023].

Impact Analysis

Impact on Yamuna Expressway Industrial Development Authority (YEIDA)

  • Retrospective Application: The retrospective application from FY 2018-19 to FY 2022-23 implies that YEIDA may be eligible for refunds on taxes already paid on these specified incomes during these years.

Impact on Uttar Pradesh State Government

  • Economic Development: By reducing the tax burden on YEIDA, the notification could indirectly contribute to faster industrial and infrastructure development in the Yamuna Expressway region.

Impact on Allottees and Other Stakeholders

  • Investor Confidence: The tax exemption could boost investor confidence in the Yamuna Expressway region, attracting further investments.

Suggested Action Items

  • Communicate the implications of this notification to relevant stakeholders, including allottees and investors.

Key Entities Referenced

Yamuna Expressway Industrial Development Authority (YEIDA): An authority constituted by the Uttar Pradesh State Government with PAN AAALT0341D. Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides for exemption of income of certain authorities. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, responsible for administering direct taxes. Delhi High Court: The High Court of Delhi, which issued an order in W.P. (Civil) No. 5318 of 2023, leading to this notification.
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-11072023-247226 xxxGIDHxxx CG-DL-E-11072023-247226 xxxGIDExxx ऄसाधारण EXTRAORDINARY भाग II—खण् ड 3—ईप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2923] नइ ददल्ली, मगं लिार, जुलाइ 11, 2023/अर्षाढ़ 20, 1945 No. 2923] NEW DELHI, TUESDAY, JULY 11, 2023/ASHADHA 20, 1945 जित्त मत्रं ालय (राजस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) ऄजधसचू ना नइ ददल्ली, 11 जुलाइ, 2023 का.अ. 3050(ऄ).—केन्द्द्र सरकार, अयकर ऄजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड(46) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, एतदद्वारा ‘यमुना एक्सप्रसे िे औद्योजगक जिकास प्राजधकरण’, (पैनः-AAALT0341D), ईत्तर प्रदेि राज्य सरकार द्वारा गठित एक प्राजधकरण, ईस प्राजधकरण को ईद्भूत होन े िाली जनम्नजलजखत जिजनर्ददष्ट अय के संबंध में ईि खंड के प्रयोजनाथ डऄजधसूजचत करती ह,ै ऄथाडत:्- (क) राज्य सरकार स े प्राप्त ऄनुदान; (ख) भूजम, भिन और ऄन्द्य सम्पजत्तयों, चल एिं ऄचल की जबक्री से प्राप्त धनराजि; (ग) दकराये एिं िुल्क के रुप म ें और भूजम, भिन एि ं ऄन्द्य सम्पजत्तयों, चल एि ं ऄचल से प्राप्त ऄन्द्य िल्ु कों के रूप में प्राप्त धनराजि; (घ) बैंकों में जमा धन पर ऄर्जजत ब्याज की धनराजि; और (ङ) जिजभन्न चल एिं ऄचल संपजत्तयों के जनधाडठरजतयों स े प्राप्त भगु तान पर प्राप्त अस्ट्थजगत ब्याज/जुमाडने की धनराजि; 2. यह ऄजधसूचना आन ितों के ऄध्यधीन प्रभािी होगी दक यमनु ा एक्सप्रेसिे औद्योजगक जिकास प्राजधकरण,- (क) दकसी व्यािसाजयक कायडकलाप में जलप्त नहीं होगा; (ख) जित्तीय िर्षों के दौरान कायडकलाप तथा जिजनर्ददष्ट अय की प्रकृजत ऄपठरिर्जतत रहगें ी; और 4437 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ग) अयकर ऄजधजनयम 1961, की धारा 139 की ईप-धारा (4ग) के खंड (छ) के प्रािधानों के ऄनुसार अयकर जििरणी फाआल करेगा। 3. यह ऄजधसूचना जित्तीय िर्षड 2018-2019 से 2022-2023 के जलए लाग ूकी गइ मानी जाएगी । [ऄजधसूचना सं. 48 /2023/फा. सं. 300196/4/2014-अइटीए-I(भाग-1)] जिकास ससह, जनदेिक, अइटीए-I व्याख्यात्मक ज्ञापन आस ऄजधसूचना को यमुना एक्सप्रेसिे औद्योजगक जिकास प्राजधकरण बनाम भारत सघं और ऄन्द्य [2023 की ठरट याजचका (जसजिल) सं. 5318], ददनांक 26 ऄप्रलै , 2023, और ददनांक 25 मइ, 2023 को जडजजटल रुप से हस्ट्ताक्षर की गइ, के मामले म ें माननीय ददल्ली ईच्च न्द्यायालय के अदेि के संबंध में जित्तीय िर्षड 2018-2019 से जित्तीय िर्षड 2022-23 तक के जलए भतू लक्षी प्रभाि ददया जाएगा। आस ऄजधसूचना को भूतलक्षी प्रभाि देन े से दकसी व्यजि पर कोइ प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै 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:- (a) Grants received from the State Government; (b) Moneys received from the disposal of land, building and other properties, movable and immovable; (c) Moneys received by the way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable; (d) The amount of interest earned on the funds deposited in the banks; and (e) The amount of interest/penalties received on the deferred payment received from the Allottees of various movable or immovable properties. 2. This notification shall be effective subject to the conditions that Yamuna Expressway Industrial Development Authority,- (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 2018-2019 to financial year 2022-2023. [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. 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.

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