48. Exemption of Bank from income-tax and super-tax.- (1) Notwithstanding anything contained in the Income-Tax Act, 1961, or any other enactment for the time being in force relating to income-tax or super-tax, the Bank shall not be liable to pay income-tax or super-tax on any of its income, profits or gains.

The proviso and sub-section (2) omitted by Act 62 of 1948

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