Insolvency and Bankruptcy Board of India’, New Delhi, notified as a Board established by the Central Government u/s 10(46) of IT Act 1961. - 09/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 09/2023 New Delhi, the 1st March, 2023 S.O. 947(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, Insolvency and Bankruptcy Board of India , New Delhi (PAN AAAGI0193K), a Board established by the Central Government, in respect of the following specified income arising to that Board, namely: (a) Grants-in-aid received from Central Government; (b) Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) ; (c) Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) ; and (d) Interest income accrued on (a), (b) and (c) above. 2. This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi:- (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 applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027. [F.No.300196/39/2021-ITA-I] SOURABH JAIN, Under Secy.