Modification of status of persons engaged in business of prospecting, etc., of mineral oils - G.S.R.117(E) - Income Tax

Modification of status of persons engaged in business of prospecting, etc., of mineral oils NOTIFICATION NO. G.S.R.117 ( E ) DATED 8-3-1996 Whereas the Central Government is satisfied that it is necessary and expedient so to do, in the public interest to make modification in regard to the status in which persons, specified in sub-section (2) of section 293A of the Income-tax Act, 1961 (43 of 1961), are to be assessed on their income from the business consisting of the prospecting for or extraction or production of mineral oil. Now, therefore, in exercise of the powers conferred by sub-section 1 of section 293A of the said Act, the Central Government hereby provides that the persons with whom that Government has entered into agreement for the association or participation in any business consisting of the prospecting for or extraction or production of mineral oils on or after the 1st day April, 1992,-- ( a ) shall not be assessed on the income as association of persons or body of individuals consisting of such persons ; but ( b ) each of the persons referred to above be assessed in respect of his or its share of income, as the case may be, in the same status in which that person has entered into the agreement with the Central Government. Explanation.-- For the purpose of this notification the expressions "status" and "mineral oil" shall have the same meaning as is assigned to them in Explanation to section 293A of the Income-tax Act. 2. This notification shall be deemed to have come into force with effect from the 1st day of April, 1993, and shall, accordingly, apply for the assessment year 1993-94 and subsequent years. [No. 9997/F. No. 142/34/95-TPL]