Section 34: Exemption from tax on wealth, income, profits and gains.

Notwithstanding anything contained in–

(i) the Wealth-tax Act, 1957 (27 of 1957); (ii) the Income-tax Act, 1961 (43 of 1961) ; or (iii) any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Authority shall not be liable to pay wealth-tax, income-tax or any other tax in respect of its wealth, income, profits or gains derived.