NOTIFICATION NO. 78/2014

INCOME-TAX

New Delhi, the 12th December, 2014

S.O… (E)- In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, "Karnataka Electricity Regulatory Commission, a Commission constituted by the Government of Karnataka in respect of the following specified income arising to that Commission, namely:-

(a) amount received in the form of grants and loans from the Government of Karnataka;

(b) statutory fees;

(c) interest earned from investment

2. This notification shall be applicable for the financial years 2014-2015 to 2018-2019.

3. The notification shall be subject to the conditions that Karnataka Electricity Regulatory Commission:-

(a) shall not engage in any commercial activity;

(b) its activities and the nature of the specified income remain unchanged throughout the financial year; and

(c) it files return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the said Act.

[F No. 196/22/2014-ITA.I]

(Deepshikha Sharma)

Director to the Govt. on India