North- Eastern Development Finance Corporation Limited to be exempt for a certain period from liability to pay income- tax. Notwithstanding anything contained in the Income- tax Act, the North- Eastern Development Finance Corporation Limited a company formed and registered under the Companies Act, 1956 1 of 1956 . shall not be liable to pay tax on its income for the previous year relevant to the assessment year commencing on the 1st day of April, 1996 and for the nine previous years next following that previous year.