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The Government has decided not to proceed for the time being with further public offer of 5% paid-up equity shares of Oil and Natural Gas Corporation Limited (ONGC ) through an offer for sale. However, the Government continues to believe in the inherent strength of ONGC . The decision will be evaluated in due course keeping in view all relevant factors. Significant work has been done by all involved with a common objective of delivering a successful Offer and all continu.. Full Article

The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal. It will include sale of equity in blue chip companies like SAIL and ONGC. "Cabinet has so far given approval for the disinvestment of four state-run firms - PFC , SAIL, ONGC and HCL . We are in talks with various ministries and working on a roadmap that should be finalised by June-end," Department of Disinvestment additional secretary Siddhar.. Full Article

Section 44BB(1) does not talk of `extraction of mineral oil' simplicitor; it prefixes phrase `in connection with' to the expression `extraction of mineral oil', which shows that the section, by virtue of the phrase `in connection with', is talking of something other than physical operations below the surface of the earth Full Article

On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at each balance-sheet date, pending actual payment of the varied liability with reference to unamended Section 43A of the Act, in Woodward's case (supra), the Court observed thus: Full Article

At the outset, we may note that although in view of the orders passed by the Committee on disputes, advising the Revenue not to file appeals against Tribunal's orders, we find some substance in the objection of learned counsel for the Assessee about the maintainability of Revenue's appeals before the High Court but as we have heard learned counsel for the parties on merits of the appeals, at this stage, we do not propose to go into this question. We also reject at the th.. Full Article

The assessee, a Mauritian tax resident, owned a jack-up rig used for drilling of mineral oil. The rig was given on charter basis to an Indian company which in turn leased it to ONGC for operations in Indian territorial waters. On 24.4.1997, the assessee entered into an agreement with Foramer SA, France, to sell the jack-up rig. On 15.9.1997, Full Article

The finance ministry has rejected the petroleum ministry’s demand for giving a seven-year income tax holiday to those who win sedimentary blocks for natural gas and coal bed methane (CBM) exploration in the next round of auctions later this year. Full Article

Increase in customs duty on crude petroleum from Nil to 5%. Decision on Kirti Parikh recommendations will be taken in due course. Weighted deduction on expenditure incurred on in-house R&D enhanced from 150% to 200%. Also weighted deduction on payments made to National Laboratories, research associations, colleges, universities and other institutions, for scientific research increased from 125% to 175% Full Article