29[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 notification30 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 31[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) 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) persons providing any services or facilities
or supplying any ship, aircraft, machinery or plant (whether by way of sale or
hire) in connection with any business consisting of the prospecting for or
extraction or production of mineral oils carried on by that Government or any
person specified by that Government in this behalf by notification in the
Official Gazette; and
(c) employees of the persons referred to in
clause (a) or clause (b).
(3) Every notification issued under this
section shall be laid before each House of Parliament.
32[Explanation.—For the purposes of this
section,—
(a) “mineral oil” includes petroleum and natural
gas;
(b) “status” means the category under which the
assessee is assessed as “individual”, “Hindu undivided family” and so on.]]
