Central Board of Direct Taxes (CBDT) issued notification no. 172/2025 dated 15.12.2025 to provide exemption u/s 10(46A)(b) of the Income tax Act, 1961 (43 of 1961) to “Punjab Urban Planning And Development Authority” (PAN- AAALP0045J), an authority constituted under the Punjab Regional and Town Planning and Development Act, 1995 (Punjab Act No. 11 of 1995).
This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be an authority constituted under the Punjab Regional and Town Planning and Development Act, 1995 (Punjab Act No. 11 of 1995) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act, 1961.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification
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