Section 293a of Income Tax Act "Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils"
293A. (1) If the Central Government is satisfied that it
is necessary or expedient so to do in the public interest,
it may, by notification in the Official Gazette, make an
exemption, reduction in rate or other modification in
respect of income-tax in favour of 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 in regard
to 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 clause (a) of sub-section (2) :
Provided that the notification for modification in respect
of the status may be given effect from an assessment year
beginning on or after the 1st day of April, 1993.
(2) The persons referred to in sub-section (1) are the
following, namely :-
(a) persons with whom the Central Government has entered
into agreements for the association or participation of that
Government or any person authorised by that Government in
any business consisting of the prospecting for or extraction
or production of mineral oils;
(b) persons providing any services or facilities or
supplying any ship, aircraft, machinery or plant (whether by
way of sale or hire) in connection with any business
consisting of the prospecting for or extraction or
production of mineral oils carried on by that Government or
any person specified by that Government in this behalf by
notification in the Official Gazette; and
(c) employees of the persons referred to in clause (a) or
clause (b).
(3) Every notification issued under this section shall be
laid before each House of Parliament.
Explanation.-For the purposes of this section,-
(a) "mineral oil" includes petroleum and natural gas;
(b) "status" means the category under which the assessee is
assessed as "individual", "Hindu undivided family" and so
on.
293B. Where, under any provision of this Act, the approval of the Central Government or the Board is required to be obtained before a specified date, it shall be open to the Central Government or, as the case may be, the Board to condone, for sufficient cause, any delay in obtaining such approval.