Assessment status change for mineral oil contractors: parties taxed individually in their contractual status from assessment year 1993-94. Persons entering agreements with the Central Government for participation in prospecting, extraction or production of mineral oil on or after 1 April 1992 shall not be assessed as an Association of Persons or Body of Individuals; each person shall be assessed separately for his or its share of income in the same status as in the agreement, with meanings of 'status' and 'mineral oil' as in the Explanation to section 293A, effective from 1 April 1993 for the assessment year 1993-94 onward.
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Assessment status change for mineral oil contractors: parties taxed individually in their contractual status from assessment year 1993-94.
Persons entering agreements with the Central Government for participation in prospecting, extraction or production of mineral oil on or after 1 April 1992 shall not be assessed as an Association of Persons or Body of Individuals; each person shall be assessed separately for his or its share of income in the same status as in the agreement, with meanings of "status" and "mineral oil" as in the Explanation to section 293A, effective from 1 April 1993 for the assessment year 1993-94 onward.
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