Central Board of Direct Taxes (CBDT) issued notification no. 142/2025 dated 02.09.2025 to provide exemption u/s 10 (46A)(b) of the Income tax Act, 1961 to the “Lucknow Development Authority” (PAN AAALL0016F) (hereinafter referred to as “the assessee”), an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973 (President Act 11 of 1973), for the purposes of the said clause.
This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be an authority constituted the Uttar Pradesh Urban Planning and Development Act, 1973 (President’s Act 11 of 1973) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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