Section 11 in The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002

Title: Maintenance of accounts by Administrator

Description: (1) The Administrator shall maintain separate accounts of each of the specified undertaking asset possession whereof has been taken by him, and shall cause to be made therein entries of all receipts and expenditure in respect thereof. (2) The separate accounts under sub-section (1) shall be maintained in such form and in such manner as may be specified by the Central Government. (3) The Central Government shall cause the accounts maintained under this section to be inspected and audited at such intervals and by such persons as may be specified by it.

Title: Concession, etc., to be deemed to have been granted to specified undertaking

Description: With effect from the appointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to the Trust in connection with the affairs and business of the specified undertaking of the Trust under any law for the time being in force shall be deemed to have been granted in relation to the specified undertaking.

Title: Tax exemption or benefit to continue to have effect

Description: (1) Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax or income, profits or gains, no income-tax or any other tax shall be payable by the Administrator in relation to the specified undertaking 1[for the period beginning on the appointed day and ending on the 2[31st day of March, 2021]] in respect of any income, profits or gains derived, or any amount received in relation to the specified undertaking. (2) The transfer and vesting of the undertaking or the specified undertaking in terms of section 4 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. 1. Subs. by Act 18 of 2008, s. 123, for "for a period of five years computed from the appointed day" (w.e.f. 1-2-2008). 2. Subs. by Act 23 of 2019, s. 190, for "the 31st day of March, 2019" (w.e.f. 1-4-2019).

Title: Exemption from stamp duty

Description: Notwithstanding anything contained in the Indian Stamp Act, 1899 (2 of 1899), the transfer and vesting of the undertaking and the specified undertaking in terms of section 4 shall not be liable to the payment of any stamp duty under that Act.

Title: Guarantee to be operative

Description: Any guarantee given for or in favour of the Trust with respect to any loan, lease, finance or other assistance shall continue to be operative in relation to the specified undertaking managed by the Administrator.