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The Central Government notifies the National Iranian Oil Company as a foreign company for clause (48) of Section 10 of the Income-tax Act, 1961. The Central Government also notifies the Memorandum of Understanding between the Government of India in the Ministry of Petroleum and Natural Gas and the Central Bank of Iran as the agreement. The foreign company must not engage in any activity in India other than the receipt of income under the agreement. This notification takes effect from the 20th day of January, 2013.
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GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES]
Notification
New Delhi, the 19th day of August, 2013
INCOME-TAX
S.O. 2493(E).– 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.
[Notification No. 64/2013/ F.No.142/22/2013-TPL]
(ASHISH KUMAR) Director to the Government of India
