Modification of government association clause expands authorised participation and clarifies mineral oil definition for tax treatment. The amendment broadens section 42 to cover association or participation by the Central Government or any person authorised by it, modifies clause (b) so that for agreements after 31st March 1981 the exclusion of assets eligible for depreciation under section 32 is treated as omitted, and adds an Explanation that 'mineral oil' includes petroleum and natural gas.
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Provisions expressly mentioned in the judgment/order text.
Modification of government association clause expands authorised participation and clarifies mineral oil definition for tax treatment.
The amendment broadens section 42 to cover association or participation by the Central Government or any person authorised by it, modifies clause (b) so that for agreements after 31st March 1981 the exclusion of assets eligible for depreciation under section 32 is treated as omitted, and adds an Explanation that "mineral oil" includes petroleum and natural gas.
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