Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act : Tax exemption or benefit to

Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act,1993

Act No : 23

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 of any unabsorbed depreciation or investment allowance or other allowance or loss has been extended or is available to the Corporation under the Income-tax Act, 1961 (43 of 1961), such exemption, assessment or benefit shall continue to have effect in relation to the Company. (2) Where any payment made by the Corporation is exempt from de- duction of tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), such exemption 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. (3) The transfer and vesting of the undertaking 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.