Section 53 in The Industrial Reconstruction Bank Of India Act, 1984
53. Act 43 of 1961, Act 7 of 1964 and Act 45 of 1974 not to apply to Reconstruction Bank.
- Notwithstanding anything contained in the Income-tax Act, 1961, or the Companies (Profits) Surtax Act, 1964 or the Interest-tax Act, 1974, or any other enactment for the time being in force relating to tax on income, profits or gains, the Reconstruction Bank shall not be liable to pay income-tax, surtax, interest-tax, or any other tax in respect of--(a)any income, profits or gains accruing to the Reconstruction Assistance Fund or any amount received to the credit of that Fund;(b)any income, profits or gains derived, or any amount received, by the Reconstruction Bank; and(c)any interest collected by, or payable to, the Reconstruction Bank in accordance with the provisions of the Interest-tax Act, 1974.
