Consider the following statements regarding the windfall tax in India:
Statement-I: Windfall tax was introduced in 2024 to tax the profits of energy companies, particularly those dealing in crude oil and refined petroleum products.
Statement-II: The recent withdrawal of windfall tax was prompted by declining international crude oil prices.
Which one of the following is correct in respect of the above statements?
1
Both Statement-I and Statement-II are correct, and Statement-II is the correct explanation for Statement-I
2
Both Statement-I and Statement-II are correct, but Statement-II is not the correct explanation for Statement-I
3
Statement-I is correct, but Statement-II is incorrect
4
Statement-I is incorrect, but Statement-II is correct