Section 23 - Credit guarantee corporation of India limited to be exempt for a certain period from liability to pay income-tax and surtax - Finance Act, 1973

Miscellaneous 23. Credit guarantee corporation of India limited to be exempt for a certain period from liability to pay income-tax and surtax Notwithstanding anything contained in the Income-tax Act or the Companies (Profits) Surtax Act, 1964 (7 of 1964), the Credit Guarantee Corporation of India Limited (a company formed and registered under the Companies Act, 1956 (1 of 1956)), shall not be liable to pay any tax, under either of the two Act, first-mentioned, on its income, profits or gains for the previous year relevant to the assessment year commencing on the 1st day of April, 1972, and for the 2 [ seven previous years ] next following that previous year. *************** NOTES:- 1 . Substituted vide section 35 of the Finance (No. 2) Act, 1977 dated 08-08-1977 before it was read as, four previous years 2 . Substituted vide section 45 of the Finance Act, 1979 dated 10-05-1979 before it was read as, 1 [ six previous years ]