(20)the income of a local authority which is chargeable under the head "Income from house property", "Capital gains" or "Income from other sources" or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area.Explanation.—For the purposes of this clause, the expression "local authority" means—(i)Panchayat as referred to in clause (d) of article 243 of the Constitution; or(ii)Municipality as referred to in clause (e) of article 243P of the Constitution; or(iii)Municipal Committee and District Board,legally entitled to, or entrusted by the Government with, the control or management of a Municipal or local fund; or(iv)Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924);
