Notification under section 10(46) in case of Urban Improvement Trust Udaipur, (PAN AAALU0072E), a Trust constituted by the State Government of Rajasthan

5285 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 3507] NEW DEL HI, WEDNES DAY , AUGUST 1 6, 2023/ SHRAVANA 25, 1945 CG-DL-E-16082023-248135 MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th August , 202 3 S.O. 3666 (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, ‘Urban Improvement Trust Udaipur ’, (PAN AAALU0072E ), a Trust constitut ed by the State Government of Rajasthan , in respect of the following specified income arising to that Trust , namely: - (a) Grants received from the State Government; (b) Moneys received from the disposal of land, building and other properties ; (c) Mon eys received by way of rent/lease of land, building and other properties; (d) Mon eys received by way of fees, interest or any other charges received under the Rajasthan Urban Improvement Trust Act, 1959; (e) Interest earned on (a) to ( d) above; and (f) Interest on Loan s received from the State Government . 2. This notification shall be effective subject to the conditions that Urban Improvement Trust Udaipur ,- (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 ass essment years 2013 -2014, 2014 -2015, 2015 - 2016, 2016 -2017 and 2017 -2018 relevant to the financial year s 2012 -2013, 2013 -2014, 2014 -2015, 2015 -2016 and 2016 -2017 respectively . [Notificat ion No. 62/2023 /F.No. 300196/2/2023 -ITA-I] VIKAS SINGH , Director, ITA -I Explanatory Memorandum This notification shall be given retrospective effect fo r the assessment years 2013 -2014 to 2017 -18 relevant to the financial year s 2012 -2013 to 20 16-2017 , respectively, in view of the Order of the Hon’ble High Court of Judicature for Rajasthan at Jodhpur in matter of Urban Improvement Trust, Udaipur V. Union of India and Anr. in [D.B. Writ Petition (Civil) No. 1004 of 2016 ], dated 21st of April, 2023 . It is certified that no person is being adversely affected by giving retrospective effect to this notification. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publication s, Delhi -110054.