Section 7(2) in The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
(2)Where any payment made by the Development Bank is exempted from deduction 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 Development Bank were operative in relation to the Company.
