45. Act not to apply in certain cases. The provisions of this Act shall not apply to--
a banking company as defined in section 5 of the Banking Companies Act, 1949 (10 of 1949 .);
an insurer within the meaning of the Insurance Act, 1938 (4 of 1938 .);
any company established with the object of financing, whether by way of making loans or advances to, or subscribing to the capital of, private industrial enterprises in India, in any case where the Central Government has made or agreed to make to the company a special advance for the purpose or has guaranteed or agreed to guarantee the payment of moneys borrowed by the company from any institution outside India;
any company established with the object of carrying on an industrial undertaking in India in any case where the company is not formed by the splitting up, or the reconstruction of a business already in existence or by the transfer to a new business of any building, machinery or plant used in a business which was being previously carried on: Provided that the exemption granted by clause (d) shall apply to any such company as is referred to therein only for a period of five successive assessment years commencing with the assessment year next following the date on which the company is established, which period shall, in the case of a company established before the commencement of this Act, be computed in accordance with this Act from the date of its establishment as if this Act had been in force on and from the date of its establishment; Explanation.-- For the purposes of clause (d)," industrial undertaking" means an undertaking engaged in the manufacture, production or processing of goods or articles or in mining or in the generation or distribution of electricity or any other form of power;
any company solely engaged in the business of transporting goods or passengers by ships:
any company registered under section 25 of the Companies Act, 1956 (1 of 1956 .).