Clause 11 - Amendment of section 80-IB. - Finance Bill, 2011

Amendment of section 80-IB. 11. In section 80-IB of the Income-tax Act, in sub-section (9), in clause (ii), the following proviso 45 shall be inserted with effect from the 1st day of April, 2012, namely:- Provided that the provisions of this clause shall not apply to blocks licensed under a contract awarded after the 31st day of March, 2011 under the New Exploration Licencing Policy announced by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated the 10th February, 1999 or in pursuance of any law for the time being in force or by the Central or a State Government in any other manner; .