Small Industries Development Bank of India Act : ACT 43 OF 1961 NOT TO APPLY TO SMALL INDUSTRIES BANK Indian

Small Industries Development Bank of India Act,1989

Act No : 39

Section : ACT 43 OF 1961 NOT TO APPLY TO SMALL INDUSTRIES BANK

SECTION 50: ACT 43 OF 1961 NOT TO APPLY TO SMALL INDUSTRIES BANK

Notwithstanding anything to the contrary contained in the Income-tax Act, 1961-or in any other enactment for the time being in force relating to income-tax or any other tax on income, profits or gains, the Small Industries Bank shall not be liable to pay income-tax or any other tax in respect of-

(a) any income, profits or gains accruing or arising to the Small Industries Development Assistance Fund or any amount received in that Fund ; and

(b) any income, profits or gains derived or any amount received by the Small Industries Bank.