Industrial Reconstruction Bank (Transfer of Undertaking and Repeal) Act : TAX EXEMPTION OR BENEFIT TO

Industrial Reconstruction Bank (Transfer of Undertaking and Repeal) Act,1997

Act No : 7

Section : TAX EXEMPTION OR BENEFIT TO CONTINUE TO HAVE EFFECT

SECTION 07: TAX EXEMPTION OR BENEFIT TO CONTINUE TO HAVE EFFECT

(1) Notwithstanding anything contained in the Income Tax Act, 1961 (43 of 1961)-or any other enactment for the time being in force relating to tax on income, profits or gains, the Company shall not be liable to pay income tax or any other tax for a period of five years computed from the appointed day in respect of any income, profits or gains derived, or any amount received by the Company.

(2) The transfer and vesting of the undertakings or any part thereof in terms of Section 3-shall not be construed as a transfer within the meaning of the Income Tax Act, 1961 (43 of 1961)-for the purposes of capital gains.