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of <h1>Income-tax Act Section 42 Amended: Central Gov Participation, Clause Modification, and 'Mineral Oil' Definition Expanded.</h1> Section 42 of the Income-tax Act is amended to include the participation of the Central Government or any authorized person in business matters. In clause (b), the word 'and' is removed, and a proviso is added stating that for agreements made after March 31, 1981, the clause is modified to exclude the phrase concerning depreciation allowances under section 32. An explanation is added to clarify that 'mineral oil' encompasses petroleum and natural gas.
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