Notification no. 62/2023
Dated: 16/08/2023
Ministry of finance
(Department of revenue)
(Central board of direct taxes)
Notification
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 constituted 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) Moneys received by way of rent/lease of land, building and other properties;
(d) Moneys 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 Loans 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 assessment years 2013-2014, 2014-2015, 2015- 2016, 2016-2017 and 2017-2018 relevant to the financial years 2012-2013, 2013-2014, 2014-2015, 2015-2016 and 2016-2017 respectively.
Explanatory memorandum
This notification shall be given retrospective effect for the assessment years 2013-2014 to 2017-18 relevant to the financial years 2012-2013 to 2016-2017, 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.
