Central Government notifies — Constitution of ‘Andhra Pradesh Electricity Regulatory Commission’, Hyderabad

S.O. 1397(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, ‘Andhra Pradesh Electricity Regulatory Commission’, Hyderabad, a Commission constituted under the Andhra Pradesh Electricity Reforms Act, 1998 (Government of Andhra Pradesh Act 30 of 1998), in respect of the following specified income arising to that Commission, namely:—

1. (a)  Licence fee received under the Electricity Act, 2003;
2. (b)  Grants-in-Aid received from Government; and
3. (c)  Interest earned on (a) & (b) above.

2. This notification shall be effective subject to the conditions that Andhra Pradesh Electricity Regulatory Commission, Hyderabad,-

1. (a)  shall not engage in any commercial activity;
2. (b)  activities and the nature of the specified income shall remain unchanged throughout the financial years; and
3. (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 apply with respect to the assessment year 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.