{"act":{"id":"finance-act-1977","short_title":"The Finance Act, 1977","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1977-1978.","act_number":"11","act_year":1977,"enact_date":"1977-08-06","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":37,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1977/"},"unit":"section","section":{"number":"37","heading":"Amendment of Act 47 of 1974","text":"Amendment of Act 47 of 1974 37. In the Oil Industry (Development) Act, 1974, in Chapter V, be fore section 23, the following section shall be inserted and shall be deem ed always to have been inserted, namely:— Exemption from liability to pay income-tax \"22A. Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Board shall not be liable to pay any income-tax on its income, profits or gains.\". [Finance (No. 2) Act, 1977] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of Act 47 of 1974</b></p><p><b>37.</b> In the Oil Industry (Development) Act, 1974, in Chapter V, be fore section 23, the following section shall be inserted and shall be deem ed always to have been inserted, namely:—</p><p><b>Exemption from liability to pay income-tax</b></p><p>\"22A. Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Board shall not be liable to pay any income-tax on its income, profits or gains.\".</p><p>[Finance (No. 2) Act, 1977]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":83,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1977/section/37/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}