There is no accepted relaxation given to the IT industry with regard to labor legislations. However, some acts are applicable to certain scheduled employment only. At the same time, with the extension of definitions to cover 'establishments,' almost all sectors are covered by the various laws. This is because, even in the IT sector, the human element is present, and as such, no special treatment shall be given to them. There were many representations from the IT-based establishments to exempt them from the ambit of labor laws. But I don't think that Indian law permits such kind of treatment for a particular industry that is also engaged in the process of exploiting human resources and minting huge profits.
Regards,
Madhu.T.K