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THE ELEVENTH SCHEDULE - COMPUTATION OF PROFITS OF THE BUSINESS OF MINERAL OIL OR NATURAL GAS

..... the business of mineral oil or natural gas shall be the gross income from the business carried on by the assessee at any time during the financial year as reduced by the amount of business expenditure incurred by the assessee wholly and exclusively for the purposes of the business during the year. 2. The gross income referred to in rule 1 shall be the aggregate of,- (a) the accruals or receipts derived by the assessee from,- (i) the business of mineral oil or natural gas; (ii) the leasing or transfer of whole of, or part of, or any interest in, any,- (A) mineral oil or natural gas right; and (B) asset used in the business of mineral oil or natural gas; and (iii) the demolition, destruction, discarding or transferring of any business captial .....

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..... to the profits of the business of mineral oil or natural gas. 6. The written down value of any business asset used in the business of mineral oil or natural gas shall be computed as if the assessee has claimed and has been actually allowed the deduction in respect of depreciation under section 36, initial depreciation under section 37 and terminal allowance under section 38. 7. The amount of common costs (including depreciation) attributable to the business of mineral oil or natural gas shall be determined in the prescribed manner. 8. The successor in a business reorganisation of the business of mineral oil or natural gas shall be allowed a deduction in respect of the negative profit determined in the case of the predecessor for,- (a) the .....

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..... combustible gaseous fossil fuel; (d) oil and gas right means any reconnaissance permit, technical cooperation permit, exploration right, or production right assigned under the Oilfields (Regulation and Development) Act, 1948, or any right or interest therein; (e) any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if- (i) the machinery or plant was not, at any time prior to the date of the installation by the assessee, used in India; (ii) the machinery or plant is imported into India from any country outside India; and (iii) no deduction on account of depreciation in respect of the machinery or plant has been allowed or is allo .....

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