CBDT Notifies ‘Uttar Pradesh Expressways Industrial Development Authority’ for Sec. 10(46) Exemption

Notification No. 78/2023, dated 19-09-2023

The Central Board of Direct Taxes (CBDT) has notified ‘Uttar Pradesh Expressways Industrial Development Authority’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The exemption is provided in respect of the following specified income arising to that Authority, namely:

a) grants received from the state government;

b) moneys received from the disposal of land, buildings and other properties, movable and immovable;

c) moneys received by way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable;

d) Income earned from Tender Fees, Document Fees, License Fees, and

e) Interest is earned on funds deposited in the banks and (a) to (d) above.

This notification applies to the Authority retrospectively for the assessment year 2023-24, subject to certain conditions.

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