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

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.

 
 
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