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The Central Government notifies the National Iranian Oil Company as a foreign company for income tax exemption under section 10 clause 48 of the Income-tax Act. The notification covers the Memorandum of Understanding between the Ministry of Petroleum and Natural Gas and the Central Bank of Iran dated January 20, 2013, as modified by the minutes of meeting signed on August 16, 2016. The foreign company must not engage in any activity in India other than the receipt of income under the agreement. This notification comes into force retrospectively from August 16, 2016.
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 23rd February, 2017 INCOME-TAX S.O. 600(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 modified by the minutes of meeting signed on the 16th August, 2016 between the Government of India, Ministry of Finance, Department of Economic Affairs and Bank Markazi Jomhouri Islami Iran, 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 force from the 16th day of August, 2016. [Notification No. 13/2017/ F. No. 370142/2/2017-TPL] RAJESH KUMAR KEDIA, Director Explanatory Memorandum:- It is certified that no person is being adversely affected by giving this retrospective effect to this notification.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. RAKESH SUKUL Digitally signed by RAKESH SUKUL Date: 2017.02.23 16:00:07 +05'30'
