Income-tax exemption for the Deposit Insurance Corporation displaces tax liability for the year of establishment and nine following accounting years. The substituted section grants a statutory income-tax exemption to the Deposit Insurance Corporation: notwithstanding the Income-tax Act, the Corporation shall not be liable to pay any tax on its income, profits or gains for the accounting year of establishment and for the nine accounting years following that year.
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Provisions expressly mentioned in the judgment/order text.
Income-tax exemption for the Deposit Insurance Corporation displaces tax liability for the year of establishment and nine following accounting years.
The substituted section grants a statutory income-tax exemption to the Deposit Insurance Corporation: notwithstanding the Income-tax Act, the Corporation shall not be liable to pay any tax on its income, profits or gains for the accounting year of establishment and for the nine accounting years following that year.
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