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

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..... (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 asset (other than land, goodwill or financial instrument) in respect of which deduction has been allowed, or allowable, under sub-rule 3 in any financial year; and (b) the amounts referred to in sub-section (2) of section 31. 3. The amount of business expenditure referred to in rule 1 shall be the aggregate of the amount of,- (a) operating expenditure r .....

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..... ciation 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 financial year immediately preceeding the financial year in which the business reorganisation has taken place if the reorganisation is on the first day of the financial year; and (b) the period beginning with the first day of the financial year and endi .....

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..... 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 allowable under the provisions of this Code, or the Income-tax Act, 1961, in computing the total income of any person for any period pr .....

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