Surtax exemption power allows government to modify surtax for foreign companies in mineral oil exploration and supply. Central Government may, by notification in the Official Gazette, grant exemptions, reductions in rate or other modifications of surtax for specified classes of foreign companies engaged in prospecting for, extraction or production of mineral oils, applying to whole or part of their chargeable profits; 'foreign company' has the meaning in clause (4) of section 80B. Specified classes include companies party to government association or participation agreements and companies supplying services, facilities or ships, aircraft, machinery or plant to such businesses. Notifications must be laid before each House of Parliament. '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.
Surtax exemption power allows government to modify surtax for foreign companies in mineral oil exploration and supply.
Central Government may, by notification in the Official Gazette, grant exemptions, reductions in rate or other modifications of surtax for specified classes of foreign companies engaged in prospecting for, extraction or production of mineral oils, applying to whole or part of their chargeable profits; "foreign company" has the meaning in clause (4) of section 80B. Specified classes include companies party to government association or participation agreements and companies supplying services, facilities or ships, aircraft, machinery or plant to such businesses. Notifications must be laid before each House of Parliament. "Mineral oil" includes petroleum and natural gas.
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