Section 6
Tax exemption or benefit to continue to have effect.
The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
About this Act
An Act to provide for the transfer and vesting of the undertaking of the Industrial Finance Corporation of India to and in the Company to be formed and registered as a Company under the Companies Act, 1956, and for matters connected therewith or incidental thereto and also to repeal the Industrial Finance Corporation Act, 1948.
(1) Where any exemption from, or any
assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry
forward of any unabsorbed depreciation or investment allowance or other allowance or loss has been
extended or is available to the Corporation under the Income-tax Act, 1961 (43 of 1961), such exemption,
assessment or benefit shall continue to have effect in relation to the Company.
(2) Where any payment made by the Corporation is exempt from deduction of tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), such exemption will continue to be available as if the provisions of the said Act made applicable to the Corporation were operative in relation to the Company.
(3) The transfer and vesting of the undertaking 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 purposes of capital gains.
(2) Where any payment made by the Corporation is exempt from deduction of tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), such exemption will continue to be available as if the provisions of the said Act made applicable to the Corporation were operative in relation to the Company.
(3) The transfer and vesting of the undertaking 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 purposes of capital gains.