Section 37 - Amendment of Act 47 of 1974 - Finance (No. 2) Act, 1977

37. Amendment of Act 47 of 1974 In the Oil Industry (Development) Act, 1974, in Chapter V, before section 23, the following section shall be inserted and shall be deemed always to have been inserted, namely :- 22A. Exemption from liability to pay income-tax. -Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961) the Board shall not be liable to pay any income-tax on its income, profits or gains. .