NOTIFICATION NO. SO 530(E) [NO.8/2016 (F.NO.196/32/2014-ITA-I)], DATED 19-2-2016
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 purpose of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:—
| (a) | amount received in the form of Government grants; | |
| (b) | fees received under the Competition Act, 2002; and | |
| (c) | interest accrued on Government grants and interest accrued on fees received under the Competition Act, 2002. |
2. This notification shall be effective subject to the following conditions, namely:—
| (i) | the Competition Commission of India does not engage in any commercial activity; | |
| (ii) | the activities and the nature of the specified income of the Competition Commission of India shall remain unchanged throughout the financial years; and | |
| (iii) | the Competition Commission of India shall file return of income in accordance with clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. |
3. This notification shall be applicable for the specified income of the Competition Commission of India for the financial years 2016-2017 to 2020-2021.