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[Cites 0, Cited by 0] [Section 54] [Entire Act]

Union of India - Subsection

Section 54(2) in The Income Tax Act, 2025

(2)For the purposes of this section, "specified oil exploration business" means business consisting of prospecting for or extraction or production of mineral oils where the following conditions are fulfilled:—
(a)the Central Government has entered into an agreement with the assessee;
(b)such agreement is entered for association or participation of the Central Government or any person authorised by it; and
(c)such agreement is laid before each House of Parliament.