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Case law › Notifications › 2012 › Notification No. 22/2012
Notification 14 June 2012

Notification No. 22/2012

Section 10(48) of the Income-tax Act, 1961 - Exemptions - foreign oil Company selling crude oil in India - notified foreign OIL company

What this is

Notification No. 22/2012 was published on 14 June 2012. Its subject is Section 10(48) of the Income-tax Act, 1961 - Exemptions - foreign oil Company selling crude oil in India - notified foreign OIL company.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

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 ActNow
s.10s.11, s.19
s.295s.533

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.

Section 10(48) of the Income-tax Act, 1961 - Exemptions - foreign oil Company selling crude oil in India - notified foreign OIL company
Notification No. 22/2012 [F.No. 142/14/2012-SO (TPl)] S.O. 1324(E), dated 14-6-2012
In exercise of the powers conferred by clause (48) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause, the National Iranian Oil Company, as the foreign company and the Memorandum of Understanding entered between the Government of India in the Ministry of Finance, Department of Economic Affairs and the Central Bank of Iran on 18th day of January, 2012, as the agreement subject to the condition that the said foreign company shall not engage in any activity in India, other than the receipt of income under the agreement aforesaid.
2. This Notification shall be deemed to have come into effect from the 1st day of April, 2012 and shall, accordingly, apply in relation to the income of the assessment year 2012-13 and subsequent years.
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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. 23/2015  ·  Notification: 21 Date of Issue: 13/6/2012 →

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.