Air Corporations (Transfer of Undertakings and Repeal) Act : Tax exemption or benefit to continue to

Air Corporations (Transfer of Undertakings and Repeal) Act,1994

Act No : 13

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

6. Tax exemption or benefit to continue to have effect. (1) Where any exemption from, or any assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry forward, as the case may be, of any unabsorbed depreciation or invest- ment allowance or other allowance or loss has been extended or is available to a corporation under the Income-tax Act, 1961, such exemption, (43 of 1961.) assessment or benefit shall continue to have effect in relation to the company in which the undertaking of that corporation has, vested. 3 (2) Where any payment made by a corporation is exempt from deduction of the tax at source under any provision of the Income-tax (43 of 1961.) Act, 1961, the exemption from tax will continue to be available as if the provisions of the said Act made applicable to the corporation were operative in relation to the company in which the undertaking of that corporation has been vested. (3) The transfer and vesting of the undertaking or any part thereof in terms (43 of 1961.) of section 3 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961 for the purposes of capital gains.