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TypeBare Act JurisdictionCentral Government

Finance Act, 2008 Section 107

Elections for oil fields to become non-taxable

~1 min read
https://sooperkanoon.com/act/455912

Bare act section · Research

About this section

Finance Act, 2008 Section 107 is part of Finance Act, 2008 - Elections for oil fields to become non-taxable. Read the section text below and explore Indian court judgments that cite it.

Research copy - verify against official government publications before filing or court use.

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Section Text

1) Section 185 of FA 1993 is amended as follows.

(2) Before subsection (1) insert- "(A1) In this Part of this Act- "non-taxable field" means an oil field which meets the conditions in subsection (1), (1ZA) or (1A), and "taxable field" means an oil field which is not a non-taxable field."

(3) In subsection (1)-

(a) for the words before paragraph (a) substitute- "(1) An oil field meets the conditions in this subsection if it is an oil field-", and (b) omit the words after paragraph (b).

(4) After that subsection insert- "(1ZA) An oil field meets the conditions in this subsection if-

(a) the field does not meet the conditions in subsection (1), and (b) an election under Schedule 20A that the field is to be nontaxable is in effect."

(5) In subsection (1A), before paragraph (a) insert- "(za) the field does not meet the conditions in subsection (1),".

(6) Before Schedule 21 to FA 1993, insert Schedule 20A that is set out in Part 1 of Schedule 33 to this Act.

(7) Part 2 of Schedule 33 contains other amendments relating to the amendments made by this section.

Frequently asked questions

What does Finance Act, 2008 Section 107 provide?

Section Section 107 of the Finance Act, 2008 (Elections for oil fields to become non-taxable) is reproduced on this page as part of the Finance Act, 2008. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2008 Section 107?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2008 Section 107. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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