NOTIFICATION NO. 66/2008, DATED 30-5-2008

In exercise of the powers conferred by clause (ii) of the third proviso to sub-section (9) of section 80-IB of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the following undertakings, being mineral oil refinery projects, for the purposes of the said sub-section, namely :—

(i)        15 MMTPA capacity refinery project of Indian Oil Corporation Ltd. at Paradip, Orissa;

(ii)       6 MMTPA capacity refinery project of Bharat Oman Refineries Ltd. at Bina, Madhya Pradesh;

(iii)      9 MMTPA capacity (with thruput around 12 MMTPA) refinery project of HPCL – Mittal Energy Ltd. at Bathinda, Punjab;

(iv)      3000 BOPD (387 TPD) capacity mini-refinery project of Oil & Natural Gas Corporation Ltd. at CPF, Gandhar, Ankleshwar, Gujarat;

(v)        5.31 MMTPA capacity Phase-III refinery project of Mangalore Refinery and Petrochemicals Ltd. at Mangalore, Karnataka;

(vi)       7.5 MMTPA capacity New Visakh refiner expansion project of Hindustan Petroleum Corporation Ltd. at Vishakapatnam, Andhra Pradesh;

(vii)     1500 BOPD (193 TPD) capacity unit II of mini-refinery project of Oil & Natural Gas Corporation Ltd., at Tatipaka, Rajahmundry, Andhra Pradesh; and

(viii)    3 MMTPA capacity Panipat refinery expansion project of Indian Oil Corporation at Panipat, Haryana.

2.         The notification of the above shall be subject to conditions that —

(i)        the mineral oil refinery projects constitute a separate undertaking within the meaning of section 80-IB of the Income-tax Act;

(ii)       the undertaking begins refining of mineral oil not later than the 31st day of March, 2012; and

(iii)      the undertaking continues to be wholly owned by a public sector company or any other company in which a public sector company or companies hold at least forty nine per cent of the voting rights.

[F. No. 142/5/2008-TPL]

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