Section - 293A - Power to make exemption, etc , in relation to participation in the business of prospecting for, extraction, etc , of mineral oils
Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils.293A. (1) If the Central Government is satisfied that it is necessary or expedient so to do in the public interest, it may, by notification in the Official Gazette, make an exemption, reduction in rate or other modification in respect of income-tax in favour of any class of persons specified in sub-section (2) or in regard to the whole or any part of the income of such class of persons or in regard to the status in which such class of persons or the members thereof are to be assessed on their income from the business referred to in clause (a) of sub-section (2) :Provided that the notification for modification in respect of the status may be given effect from an assessment year beginning on or after the 1st day of April, 1993.(2) The persons referred to in sub-section (1) are the following, namely :-
(a)
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persons with whom the Central Government has entered into agreements for the association or participation of that Government or any person authorised by that Government in any business consisting of the prospecting for or extraction or production of mineral oils;
(b)
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persons providing any services or facilities or supplying any ship, aircraft, m .... To read the full section download the app from Google Play store
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