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Section - 48-B - Exemption of income of Foreign Company from sale of leftover stock of crude oil from strategic reserves at the expiry of agreement or arrangement

   

According to existing provisions income arising to foreign company on account of sale of crude oil stored in India shall be exempt if the sale is in pursuant to agreement with government.

 

It is proposed that income arising on sale of left-over stock of such crude oil after the expiry of the agreement will also be exempt as per conditions to be notified by the government.   


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