Notification No. 117E

A notification under section 293A of the Income-tax Act, 1961

What this is

Notification No. 117E was published on 8 March 1996. Its subject is A notification under section 293A of the Income-tax Act, 1961.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.293A	s.527

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

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

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 896E — A notification under section 293A of the Income-tax Act, 1961 26 November 1992
Notification No. 645E — A notification under section 293A of the Income-tax Act, 1961 6 July 1987
Notification No. 306E — A notification under section 293A of the Income-tax Act, 1961 31 March 1983

← Notification No. 193E · Notification No. 164E →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.