Exemption of specified income of notified entities not engaged in commercial activity [Section 10(46)] :

(i) Section 10(46) provides for exemption of income arising to a body or authority or Board or Trust or Commission, the nature and extent of which is to be specified by the Central Government.

(ii) For availing the benefit of exemption under this clause, the body or authority or Board or Trust or Commission should be set up or constituted by or under a Central, State or Provincial Act or constituted by the Central or State Government with the object of regulating or administering an activity for the benefit of the general public.

(iii) Further, the body or authority or Board or Trust or Commission should –

(1) not be engaged in any commercial activity;

(2) be notified by the Central Government in this behalf.