Section 7 in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
7. Tax exemption or benefit to continue to have effect.—
(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.(2)The transfer and vesting of the undertakings or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income Tax Act, 1961 (43 of 1961) for the purpose of capital gains.
