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Case law › Notifications › 2016 › Notification No. 50/2016 [(F.NO.197/47/2015-ITA-I)] /SO 2183(E)
Notification 23 June 2016

Notification No. 50/2016 [(F.NO.197/47/2015-ITA-I)] /SO 2183(E)

Section 10(23EE) of the Income-tax Act, 1961 - Exemption - Core Settlement Guarantee Fund - Notified Fund

What this is

Notification No. 50/2016 [(F.NO.197/47/2015-ITA-I)] /SO 2183(E) was published on 23 June 2016. Its subject is Section 10(23EE) of the Income-tax Act, 1961 - Exemption - Core Settlement Guarantee Fund - Notified Fund.

This grants an exemption or a relief under a provision that allows one. Read the conditions attached: an exemption notification is construed strictly, and a condition missed is the exemption lost.

What it does

The notification, made under clause (23EE) of section 10 of the Income-tax Act, 1961, notifies the Core Settlement Guarantee Fund set up by Indian Clearing Corporation Limited, Mumbai, a recognised clearing corporation, for the purposes of that clause. The notification operates for the assessment year 2016-17 and subsequent assessment years.

Who it reaches

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.10s.11, s.19

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

SECTION 10(23EE) OF THE INCOME-TAX ACT, 1961 - EXEMPTION - CORE SETTLEMENT GUARANTEE FUND - NOTIFIED FUND
NOTIFICATION NO. SO 2183(E) [NO.50/2016 (F.NO.197/47/2015-ITA-I)], DATED 23-6-2016
In exercise of the powers conferred by clause (23EE) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notify the Core Settlement Guarantee Fund, set up by Indian Clearing Corporation Limited (ICCL), Mumbai, a recognised clearing corporation, for the purposes of the said clause, for the assessment year 2016-17 and subsequent assessment years.
■■

From when

assessment year 2016-17.

What to watch

Where you meet it

A reader meets this in the return of the Fund or of the clearing corporation, where income of the Core Settlement Guarantee Fund is claimed as exempt under section 10(23EE).

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← Notification No. 52 /2016 [F.No. 275/16/2016-IT(B)]  ·  Notification No. NO.51/2016 [(F.NO.197/39/2015-ITA-I)] / SO 2184(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.