Section 6
Tax exemption or benefit to continue to have effect.
The Oil and Natural Gas Commission (Transfer of Undertaking and Repeal) Act, 1993
About this Act
An Act to provide for the transfer and vesting of the undertaking of the Oil and Natural Gas Commission to and in the Oil and Natural Gas Corporation Limited, a company incorporated under the Companies Act, 1956, and for matters connected therewith or incidental thereto and also to repeal the Oil and Natural Gas Commission Act, 1959.
(1) Where any exemption from, or any
assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry
forward of any unabsorbed depreciation or investment allowance or other allowance or loss has been
extended or is available to the Commission under the Income-tax Act, 1961 (43 of 1961), such
exemption, assessment or benefit shall continue to have effect, in relation to the Corporation.
(2) Where any payment made by the Commission is exempt from deduction of the tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), the exemption from tax will continue to be available as if the provisions of the said Act made applicable to the Commission were operative in relation to the Corporation.
(3) The transfer and vesting of the undertaking or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961 (43 of 1961), for the purpose of capital gains.
(2) Where any payment made by the Commission is exempt from deduction of the tax at source under any provision of the Income-tax Act, 1961 (43 of 1961), the exemption from tax will continue to be available as if the provisions of the said Act made applicable to the Commission were operative in relation to the Corporation.
(3) The transfer and vesting of the undertaking or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income-tax Act, 1961 (43 of 1961), for the purpose of capital gains.