Section 7 in The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

Title: Tax exemption or benefit to continue to have effect

Description: (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 Development Bank 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 Development Bank is exempted 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 Development Bank were operative in relation to the Company. (3) The transfer and vesting of the undertaking of the Development Bank 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) or any other law for the time being in force.

Title: Guarantee to be operative

Description: Any guarantee given for or in favour of the Development Bank with respect to any loan, lease, finance or other assistance shall continue to be operative in relation to the Company.

Title: Shares, bonds and debentures to be deemed to be approved securities

Description: Notwithstanding anything contained in any other law for the time being in force, the shares, bonds and debentures of the Company shall be deemed to be approved securities for the purposes of the Indian Trusts Act, 1882 (2 of 1882) and the Insurance Act, 1938 (4 of1938).

Title: Act to have overriding effect

Description: The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any enactment other than this Act or in any instrument having effect by virtue of any enactment other than this Act.

Title: Application of other laws not barred

Description: The provisions of this Act shall be in addition to, and not in derogation of the provisions of any other law for the time being in force.

CHAPTER 3 MISCELLANEOUS