Central Board of Direct Taxes (CBDT) issued Notification No. 107/2024/F. No. 300196/4/2024-ITA-I] VIKAS SINGH, Director ITA-I dated 11.10.2024.
The Central Government notifies ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J), as an authority constituted under the Electricity Act, 2003 (36 of 2003) for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to the Authority namely:
(a) Residual money in the unscheduled interchange pool balance account;
(b) Income incidental to or related to unscheduled interchange; and
(c) Interest on fixed deposits and auto-sweep accounts.
2. This notification shall be effective subject to the conditions that the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J) –
(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 2023-2024 and 2024-2025 relevant for the financial years 2022-2023 and 2023-2024 respectively.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification
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