Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils.

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..... dient in the public interest, it may, by notification, make an exemption, reduction in rate, or other modification of income-tax for 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 or 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 sub- .....

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..... ry notification issued under this section shall be laid before each House of Parliament. (4) In this section,- (a) "mineral oil" includes petroleum and natural gas; (b) "status" means the category of person as defined in section 2(77) under which the assessee is assessed. - Clause 527 of the Bill seeks to empower the Central Government to make exemption, etc., in relation to participation .....

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