1(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 2 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.
3 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.
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1. Ins. by Act 16 of 1981, s. 22 (w.e.f. 1-4-1981).
2. Ins. by Act 22 of 1995, s . 49 (w.r.e.f. 1-4-1993).
3. Subs. by s. 49, ibid., for the Explanation (w.r.e.f. 1-4-1993).
Section 291 Power to tender immunity from prosecution
Section 292 Cognizance of offences
Section 202B Return of income, etc., not to be invalid on certain grounds
Section 292BB Notice deemed to be valid in certain circumstances
Section 292C Presumption as to assets, books of account, etc
Section 292CC Authorisation and assessment in case of search or requisition
Section 293 Bar of suits in civil courts
Section 293B Power of Central Government or Board to condone delays in obtaining approval
Section 293C Power to withdraw approval
Section 294 Act to have effect pending legislative provision for charge of tax
Section 294A Power to make exemption, etc., in relation to certain Union territories
Section 295 Power to make rules
Section 296 Rules and certain notifications to be placed before Parliament