Section 7(1) in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
(1)Notwithstanding anything contained in the Income Tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax on income, profits or gains, the Company shall not be liable to pay income tax or any other tax for a period of five years computed from the appointed day of any income, profits or gains derived, or any amount received by the Company.
