Section 48. Exemption of Banks from income-tax and super-tax

48. Exemption of Banks from income-tax and super-tax.— (1) Notwithstanding anything contained in[1] [the Income-tax Act, 1961 (43 of 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. 2* * * * * 3* * * * *