<h1>Finance Ministry Confirms Ongoing Tax Holiday for Oil and Gas; 'Mineral Oil' Definition Under Judicial Review.</h1> The Central Board of Direct Taxes (CBDT) has clarified that the Ministry of Finance has not withdrawn its commitment to a tax holiday for profits from oil and natural gas production. The relevant tax provisions, initially introduced in 1997-98 and updated in 1999-2000, remain substantively unchanged. The question of whether natural gas is included under 'mineral oil' is currently under judicial review. The Finance Minister has addressed this issue in the Lok Sabha. Additionally, oil exploration companies can recover exploration costs before sharing profits with the government under existing Production Sharing Contracts.