Exemption under Section 10(48): notified foreign oil company allowed income only from a recognised MOU, subject to activity restriction. Notification designates a specified foreign oil company as a notified foreign company and recognises a particular Memorandum of Understanding as the agreement for income-tax exemption under clause (48), subject to the condition that the foreign company shall not engage in any activity in India other than receipt of income under the recognised agreement; the notification is effective from the start of the relevant fiscal year and applies to the stated assessment year and subsequent years.
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.
Exemption under Section 10(48): notified foreign oil company allowed income only from a recognised MOU, subject to activity restriction.
Notification designates a specified foreign oil company as a notified foreign company and recognises a particular Memorandum of Understanding as the agreement for income-tax exemption under clause (48), subject to the condition that the foreign company shall not engage in any activity in India other than receipt of income under the recognised agreement; the notification is effective from the start of the relevant fiscal year and applies to the stated assessment year and subsequent years.
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