# The Finance Act, 1977, Section 37: Amendment of Act 47 of 1974

- Act: The Finance Act, 1977 (Act 11 of 1977)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1977/section/37/

## 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.

---
Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.