CBDT Notified ‘Polavaram Project Authority, Hyderabad under clause (46) of section 10 of the Income-tax Act
Notification under clause (46) of section 10 of Income tax Act 1961 in case of Polavaram Project Authority
Notification No. 9/2024 dated 5th January, 2024
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:
(a) Grants received from the Central Government; and
(b) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that Polavaram Project Authority, Hyderabad –
(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 assessment years 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.