Section 43 in The State Financial Corporations Act, 1951
43. Provisions relating to income-tax and super-tax .-
For the purposes of the [Income-tax Act, 1961 (43 of 1961)], the Financial Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super-tax accordingly on its income, profits and gains:Provided that any sum paid by the State Government under the guarantee given in pursuance of [* * *] [ The words and figure " section 6 or" omitted by Act 39 of 2000, Section 31 (w.e.f. 5.9.2000).][section 7 or section 8] [ Substituted by Act 6 of 1962, Section 22, for " under any guarantee given in pursuance of sub-Section (2) of section 7" (w.e.f. 16.4.1962).] shall not be treated as the income, profits and gains of the Financial Corporation and any interest on debentures, [bonds or deposits] [ Substituted by Act 6 of 1962, Section 22, for " or bonds" (w.e.f. 16.4.1962).] paid by the Financial Corporation out of such sum shall not be treated as expenditure incurred by it:Provided further that in the case of any shareholder such portion of a dividend as has been paid out of any such sum advanced by the State Government shall be deemed to be [his] [ Substituted by Act 48 of 1952, Section 3 and Sch. II, for " its" (w.e.f. 2.8.1952).] income from "interest on securities" [and the income-tax shall be payable thereon as if it were the interest receivable on any security of a State Government issued income-tax free] [ Substituted by Act 6 of 1962, Section 22, for " declared to be income-tax free" (w.e.f. 16.4.1962).] within the meaning of section 8 of that Act.[43-A. Delegation of powers.-The Board may, by general or special order, delegate to the managing director or to any other officer of the Financial Corporation ][or to any committee appointed under section 21] [ Inserted by Act 43 of 1985, Section 27 (w.e.f. 21.8.1985).][subject to such conditions and limitations, if any, as may be specified in the order such of its powers and duties under this Act as it may deem necessary.] [Inserted by Act 6 of 1962, Section 23 (w.e.f. 16.4.1962). ][43-B. Reports to the Board.-The minutes of every meeting of the committee appointed under section 21 shall, after confirmation thereof at the next meeting of the committee, laid before the Board at the next following meeting of the Board.][* * *] [ Sub-Section (2) omitted by Act 39 of 2000, Section 32 (w.e.f. 5.9.2000).]
