Section 7: Tax exemption or benefit to continue to have effect.

The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997Central Act · Act 7 of 1997

(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 or 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 At, 1961 (43 of 1961) for the purposes of capital gains.

Where this provision sits

Act	The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
Section	7
Marginal note	Tax exemption or benefit to continue to have effect.
Jurisdiction	Central
Status	In force as published by the source

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