MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

New Delhi: 06.06.2024

NOTIFICATION

S.O. 2208(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, ‘Real Estate Appellate Tribunal, Punjab’ (PAN AAALR2230D), a body constituted by the Government of Punjab, in respect of the following specified income arising to that body, namely:

(a) Levy of fees/charges/fines collected under The Real Estate (Regulation and Development) Act, 2016 (Central Act No.16 of 2016) and Punjab State Real Estate (Regulation and Development) Rules, 2017.

(b) Government grants.

(c) Interest on bank deposits.

2. This notification shall be effective subject to the conditions that Real Estate Appellate Tribunal, Punjab -

(a) shall not engage in any commercial activity;

(b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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 be applicable for Assessment Year(s) 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 relevant for the Financial Year(s) 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027 respectively.

[Notification No. 49/2024 F. No. 300196/16/2022-ITA-I]

VIKAS SINGH, Director (ITA-I)

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.