- SPAN class=amd2>[(1)][Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its income, profits or gains for the accounting year during which the Corporation is established and for [fourteen accounting years] [Substituted by Act 20 of 1967, Section 44, for Section 30 (w.e.f. 1.4.1967). ] [following that year.] [Substituted by Act 20 of 1967, Section 44, for Section 30 (w.e.f. 1.4.1967). ]

(2)

[ Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its income, profits or gains for the period commencing from the first day of January, 1977, and ending with the commencement of the accounting year during which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 comes into force [, for that accounting year and for eight accounting years following that year] [Section 30 renumbered as sub-Section (1) thereof and sub-Section (2) inserted by Act 21 of 1978, Section 8 (w.e.f. 15.7.1978). ].]