Tax exemption for a government company suspends income-tax and surtax liability for specified previous years under statute. Statute exempts the Housing and Urban Development Finance Corporation Private Ltd., defined as a Government company, from liability under the Income-tax Act and the Companies (Profits) Surtax Act for its income, profits and gains for the previous year relevant to the assessment year commencing 1 April 1971 and for the fourteen previous years next following that previous year, with the legislative text noting a subsequent substitution altering the duration of the exemption.