https://www.taxtmi.com/caselaws?id=415697 Section 50 of the Small Industries Development Bank of India Act grants overriding immunity from income-tax and other taxes on the Bank's income, profits, gains and amounts received. This specific exemption prevails over the additional income-tax charge on dividend declarations, distributions or payments under Section 115-O of the Income-tax Act. The express enactment of Section 115R to override a comparable Unit Trust exemption confirms that a special statutory exemption is displaced only through clear legislative language. Dividend distributions therefore fall within the protected category, excluding liability under Section 115-O and requiring refund of tax paid under protest. en-us Thu, 02 Dec 2021 00:00:00 +0530 Tue, 28 Apr 2026 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415697 Section 50 of the Small Industries Development Bank of India Act grants overriding immunity from income-tax and other taxes on the Bank's income, profits, gains and amounts received. This specific exemption prevails over the additional income-tax charge on dividend declarations, distributions or payments under Section 115-O of the Income-tax Act. The express enactment of Section 115R to override a comparable Unit Trust exemption confirms that a special statutory exemption is displaced only through clear legislative language. Dividend distributions therefore fall within the protected category, excluding liability under Section 115-O and requiring refund of tax paid under protest. Case-Laws Income Tax Thu, 02 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415697