U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘Mysore Palace Board’, Karnataka, a board constituted by the Government of Karnataka, in respect of the specified income arising to that board - 33/2019 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 33/2019 New Delhi, the 9th April, 2019 S.O. 1537(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, Mysore Palace Board , Karnataka, a board constituted by the Government of Karnataka, in respect of the following specified income arising to that board, namely:- (a) Income from Palace or proceeds of any property vested in the Board; (b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act, 1998 and forming part of the Board fund; (c) Rent received from the stalls let out to Government Agencies; and (d) Interest earned on (a) to (c) above. 2. This notification shall be effective subject to the conditions that Mysore Palace Board, Karnataka,- (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. 1 [ 3. This notification shall be deemed to have been applied for the period from 01-06-2011 to 31-03-2012 in the assessment year of 2012-2013 and also from the assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018, 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024. ] 2 [ Explanatory Memorandum This notification shall be given retrospective effect for the period from 01-06-2011 to 31-03-2012 in the assessment year of 2012-2013 and also from the assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018, 2018-2019, in view of the order of the Hon ble High Court of Karnataka in the matter of Mysore Palace Board V. the Central Board of Direct Taxes and 3 Others [W.P. No.40801 of 2019 (T-IT)], dated 17th Day of December, 2019. It is certified that by giving retrospective effect to the notification no person interest will adversely get affected. ] [F.No.300196/63/2018-ITA-I] RAJARAJESWARI R., Under Secy. ************** NOTES:- 1. Substituted vide NOTIFICATION No. 19/2020 dated 20-03-2020 w.e.f. 09-04-2019 before it was read as 3. This notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024. 2. Inserted vide NOTIFICATION No. 19/2020 dated 20-03-2020 w.e.f. 09-04-2019