Section 10(48)
of the Income-tax Act, 1961 - Exemptions - Foreign Oil Company selling Crude
Oil in India - Notified Foreign Oil Company
Notification No.
64/2013, [F.No.142/22/2013-TPL]/ SO
2493(E), dated 19.08.2013
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
Petroleum and Natural Gas and the Central Bank of Iran on the 20th day of
January, 2013, 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 20th day of January, 2013.
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