Section 527 — Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils

(1) If the Central Government is satisfied that it is necessary or expedient in
the public interest, it may, by notification, make an exemption, reduction
in rate, or other modification of income-tax for 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 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 sub-section (2)(a),
effective from tax year beginning on or after 1st April, 1992.
(2) The persons referred to in sub-section (1) shall be the following:—
( 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 of 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 sale or hire) for 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 by
notification; and
( c) employees of the persons referred to in clause (a) or (b).
(3) Every notification issued under this section shall be laid before each House of
Parliament.
(4) For the purposes this section,—
( a) “mineral oil” includes petroleum and natural gas;
( b) “status” means the category of person as defined in section 2(77) under
which the assessee is assessed.