OIL & NATURAL GAS CORP. LTD. vs COMMNR. OF INCOME TAX

The Supreme Court addressed the interpretation of Section 24AA of the Companies (Profits) Surtax Act, 1964, concerning the exemption notification No.GSR 307(E) dated 31.03.1983. The Court held that the exemption applies to foreign companies engaged in the business of prospecting for or extraction of mineral oils, clarifying the scope of 'foreign companies' as defined under Section 80B of the Income-tax Act. The appeals by the Oil and Natural Gas Corporation were allowed, affirming the applicability of the exemption notification to the assessments in question.