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Section 50 – The Small Industries Development Bank of India Act,1989

The Small Industries Development Bank of India Act,1989

Section 50. Act 43 of 1961 not to apply to Small Industries Bank

Notwithstanding anything to the contrary contained in the Income-tax Act.1961 or any other enactment for the time being in force relating to income-tax or any other tax on income, profits or gains, the Small Industries Bank shall not be liable to pay income-tax or any other tax in respect of-

(a) Any income, profits or gains accruing or arising to the Small Industries Development Assistance Fund or any amount received in that Fund; and

(b) Any income, profits or gains derived or any amount received by the Small Industries Bank.

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The Small Industries Development Bank of India Act,1989

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