Central Board of Direct Taxes (CBDT) issued notification no. 114/2025 dated 14.07.2025 to provide exemption u/s 10(46) to ‘Baddi Barotiwala Nalagarh Development Authority’ (PAN AAALB0528J), an Authority constituted by the State Government of Himachal Pradesh, in respect of the following specified income arising to that Authority, namely:
(a) Grants received from Central Government and State Government of Himachal Pradesh;
(b) Revenue Receipts under HP Town and Planning Act, 1977; and
(c) Interest on bank deposits.
This notification shall be effective subject to the conditions that Baddi Barotiwala Nalagarh 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.
This notification shall be deemed to have been applied for assessment years 2014-2015, 2015-2016, 2016-2017, 2017-2018 and 2018-2019 relevant for the financial years 2013-2014, 2014-2015, 2015-2016, 2016-2017 and 2017-2018, respectively.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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