Central Board of Direct Taxes (CBDT) issued notification no. 171/2025 dated 15.12.2025 to provide exemption u/s 10(46) of the Income tax Act, 1961 (43 of 1961), to the ‘New Okhla Industrial Development Authority’ (PAN- AAALN0120A), an authority constituted by the State Government of Uttar Pradesh, in respect of the following specified income arising to that Commission, namely:-
i) Grants received from the State Government;
ii) Money received from the disposal of land, building, and other properties, movable and immovable;
iii) Money received by the way of renting the building, and other properties, movable and immovable;
iv) The amount of interest and dividend earned; and
v) All fees, tolls and charges received by the authority under the Uttar Pradesh Industrial Area Development Act, 1976;
2. This notification shall be effective subject to the conditions that ‘New Okhla 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 period of assessment years 2012-2013, 2013-2014, 2014-2015, 2015-2016 and shall apply with respect to the financial years 2011-2012, 2012-2013, 2013-2014 and 2014-2015.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification. The notification in compliance of decision dated 11.07.2024 of Hon’ble Delhi High Court in W.P.(C) No. 4711/2021.
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