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Section 43 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 43. Provisions relating to income-tax and super tax

For the purposes of the Indian Income-tax, Act,1922 (XI of 1992), 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 section 6 or under any guarantee given in pursuance of sub-section (2) of section 7 shall not be treated as the income, profits and gains of the Financial Corporation and any interest on debentures or bonds 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 out of any such sum advanced by the State Government shall be deemed to be its income from “interest on securities” declared to be income-tax free within the meaning of section 8 of that Act.

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The State Financial Corporation Act,1951

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