Reduction in rate of income-tax in respect of business consisting of prospecting for or extraction or production of mineral oils by any person being an Indian company

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..... person being an Indian company NOTIFICATION NO. G.S.R.896 ( E ) DATED 26-11-1992 Whereas, the Central Government is satisfied that it is necessary and expedient so to do in public interest to make reduction in the rate in respect of income-tax in favour of any person, being an Indian company, with whom the Central Government has entered into an agreement for the association or part .....

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..... ( i ) the aggregate of the income-tax payable by him in accordance with the provisions of clause ( a ) on the profits and gains referred to in that clause included in the total income ; plus ( ii ) the amount of income-tax calculated on the amount of total income as reduced by the amount of profits and gains referred to in clause ( a ), at the rate of income-tax which would have been applica .....

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