Power to grant income-tax exemptions for participants in mineral oil prospecting and extraction by government notification. Central Government may, by notification, make exemptions, rate reductions or other modifications in respect of income-tax for specified classes when satisfied it is necessary or expedient in the public interest; notifications must be laid before both Houses. Specified classes include parties to agreements for association or participation in prospecting, extraction or production of mineral oils, suppliers of services or plant (sale or hire) connected with those activities when so specified by Government, and employees of those persons. 'Mineral oil' includes petroleum and natural gas.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to grant income-tax exemptions for participants in mineral oil prospecting and extraction by government notification.
Central Government may, by notification, make exemptions, rate reductions or other modifications in respect of income-tax for specified classes when satisfied it is necessary or expedient in the public interest; notifications must be laid before both Houses. Specified classes include parties to agreements for association or participation in prospecting, extraction or production of mineral oils, suppliers of services or plant (sale or hire) connected with those activities when so specified by Government, and employees of those persons. "Mineral oil" includes petroleum and natural gas.
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