The government declared that it will lose Rs 40,000 crore in revenues if natural gas output is given tax breaks, the revenue department in the Finance Ministry has opined, an assessment disputed by experts.

Petroleum Minister Murli Deora stated:

The Income Tax holiday should be applicable for both oil and gas exploration, especially because at the exploration stage it is impossible to anticipate whether the exploration activity would lead to oil or gas discovery.

For full story, click here