(1)Notwithstanding anything contained in [the Wealth tax Act, 1957 (27 of 1957)] [Inserted by Act 16 of 1975, Section 6 (w.e.f. 1-4-1975)], the Income-tax Act, 1961 (43 of 1961), the Super Profits Tax Act, 1963 (14 of 1963) [the Companies (Profits) Surtax Act, 1964 (7 of 1964),] [Inserted by Act 17 of 1966, Section 10 (w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45)] or in any other enactment for the time being in force relating to income-tax, super-tax, [super profits tax, surtax] [Substituted by Act 20 of 1967 s. 10, for "or super profits tax"(w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45)] or any other tax on income, profits or gains-(a)the Trust shall not be liable to pay income-tax, super-tax, super profits tax [, surtax] [Inserted by Act 17 of 1966, Section 10 (w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45).] or any other tax in respect of any income, profits or gains derived by it from any source;(aa)[in the case of an assessee who is not resident in India, being, - [Inserted by Act 3 of 1976, Section 2 (w.e.f. 24-1-1976)](i)an individual who is an Indian or a person of Indian origin, or(ii)a Hindu undivided family, there shall not be included in the total income of such assessee, for the purposes of the Income-tax Act, 1961 (43 of 1961), any income received by such assessee in the previous year in respect of units acquired by such assessee from the Trust, out of funds in a Non-resident (External) Account maintained with any bank in India or by the remittance of funds in foreign exchange, in accordance, in either case, with the provisions of the Foreign Exchange Regulation Act, 1973 (46 of 1973), or any rules or orders made thereunder;](b)[* * * * *] [Omitted by Act 21 of 1984, Section 54 (w.e.f. 1-4-1985)][* * * * * ] [Explanation omitted by Act 3 of 1976, Section 2 (w.e.f. 24.1.1976).](ba)[* * * * *] [Omitted by Act 21 of 1984, Section 54 (w.e.f. 1-4-1985)][* * * * * ] [Explanation omitted by Act 3 of 1976, Section 2 (w.e.f. 24.1.1976).](bb)[in the case of an assessee who is not resident in India, being, an individual who is an Indian or a person of Indian origin, or a Hindu undivided family, wealth-tax shall not be payable by the assessee in respect of, and there shall not be included in, the net wealth of the assessee computed under the Wealth-tax Act, 1957 (27 of 1957), the value of the assets in the form of units acquired from the Trust, out of funds in a Non-resident (External) Account maintained with any bank in India or by the remittance of funds in foreign exchange, in accordance, in either case, with the provisions of the Foreign Exchange Regulation Act, 1973 (46 of 1973), or any rules or orders made thereunder;] [Inserted by Section 2, ibid. (w.e.f. 24.1.1976).](c)where a contributing institution is liable to be assessed to super profits tax under the Super Profits Tax Act, 1963 (14 of 1963), [or to surtax under the Companies (Profits) Surtax Act, 1964 (7 of 1964),] [Inserted by Act 17 of 1966, Section 10 (w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45)] in respect of its own income, profits or gains and receives any sum from the Trust under this Act in respect of its contribution to the initial capital, such sum as reduced by the amount of any income-tax and super-tax payable in respect thereof shall be excluded from the total income of the said institution in computing its chargeable profits for the purposes of super profits tax [or surtax] [Inserted by Act 17 of 1966, Section 10 (w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45)][Explanation I. [Inserted by Act 3 of 1976, Section 2 (w.e.f. 24.1.1976)] - In this sub-section(a)in [clause (aa)] the expressions "previous year" and "total income" shall have the meanings, respectively, assigned to them in the Income-tax Act, 1961 (43 of 1961);(b)in[clause (bb)] [Substituted by Act 21 of 1984, Section 54 (w.e.f. 1-4-1985)] the expressions "assessee" and "net wealth" shall have the meanings, respectively, assigned to them in the Wealth-tax Act, 1957 (27 of 1957).Explanation II. - For the purposes of sub-sections (1) and (2),-(a)an assessee shall be deemed to be "not resident in India" if he is a non-resident within the meaning of clause (30) of section 2 of the Income-tax Act, 1961 (43 of 1961);(b)a person shall be deemed to be a person of Indian origin if he or either of his parents or any of his grand parents howsoever high in degree of ascent, whether on the paternal side or on the maternal side, was born in India, as defined in the Government of India Act, 1935, as originally enacted.](2)Notwithstanding anything contained in section 193 or section 194 of the Income-tax Act, 1961 (43 of 1961),--(a)no deduction of income-tax or super-tax shall be made on any interest or dividend payable to the Trust in respect of any securities or shares owned by it or in which it has full beneficial interest;[* * *] [Clauses (b) and (c) and proviso omitted by the Finance Act 22 of 1995. Section 90][* * *] [Sub-section (3) omitted by Finance Act 22 of 1995, Section 90]
