IT Exemption U/s 10(46) for BBN Development Authority – 114/2025
Central Government grants income tax exemption under Section 10(46) to development authority for government grants and revenue receipts
The Central Government granted income tax exemption under Section 10(46) to a development authority constituted by Himachal Pradesh State Government. The exemption covers grants from central and state governments, revenue receipts under state planning act, and interest on bank deposits. The authority must not engage in commercial activities, maintain unchanged income nature, and file returns as required. The notification applies retrospectively to assessment years 2014-2015 through 2018-2019, with certification that no person is adversely affected by the retrospective application.
