Under Section 35, for purposes of the Income-tax Act, 1961, the Authority shall be deemed to be:

Section 35 deems the Authority to be a 'company' for all purposes of the Income-tax Act, 1961 (or any other enactment relating to income-tax), making it liable to tax on its income, profits, and gains in the same manner as an ordinary company - it is neither treated as a tax-exempt local authority, a charitable institution under Section 12A of the Income-tax Act, a partnership firm, nor as a mere agent of the Central Government shielded from separate assessment. This company-fiction for tax purposes is consistent with Section 11's mandate that the Authority act on business principles, and with Section 16(1)'s separate continuation of specific pre-existing tax exemptions/benefits inherited from IAAI/NAA.