Notification. No. 34/2020-Income Tax:Maharashtra Electricity Regulatory Commission’, Mumbai

(Department of Revenue)
New Delhi, the 23rd June, 2020

S.O. 2015(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, ‘Maharashtra Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a commission established by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:-

(a) Grants from Government of Maharashtra;
(b) Fees for annual licence;
(c) Interest on Fixed Deposit and Savings Account;
(d) Fees for application/petition filed;
(e) Fees for Documents;
(f) Penalty for delayed payment of Annual Licence Fees;
(g) Fees for RTI;
(h) Sale of Scrap;
(i) Interest on Loans and Advances given to employees;
(j) Fees for annual performance review;
(k) Fees for determination of tariff; and
(l) Fees for initial licence.

2. This notification shall be effective subject to the conditions that Maharashtra Electricity Regulatory Commission, Mumbai,-

(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.
(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

3. This notification shall apply with respect to the assessment years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification. No. 34/2020/F.No.300196/53/2019-ITA-I]