TMI BlogCOMPUTATION OF PROFITS OF THE BUSINESS OF MINERAL OIL OR NATURAL GASX X X X Extracts X X X X X X X X Extracts X X X X ..... siness 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 paragraph 1 shall be the aggregate of,— (a) the accruals or receipts derived by the assessee from,— (i) the business of mine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to in section 36, incurred by the assessee; (c) expenditure on any license charges, rental fees or other charges, if actually paid; (d) capital expenditure incurred by the assessee; (e) expenditure on infructuous or abortive exploration of any area; (f) expenditure referred to in clauses (a) to (e) incurred before the commencement of the business. (g) payment to Site ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 40. 6. The amount of common costs including depreciation attributable to the business of mineral oil or natural gas and any other business shall be determined in such manner as may be prescribed. 7. The provisions of this Schedule shall apply to the business referred to in paragraph 1, which fulfils the following conditions, namely:— (a) it is not set-up by splitting up, or th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plant used in the business; (g) the capital expenditure referred to in clause (d) of paragraph 3 shall not include any expenditure incurred on the acquisition of any land including long-term lease, goodwill or financial instrument. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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