Section 44BB - Special provision for computing profits and gains in connection with the business of exploration etc. of mineral oils

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..... e Act, when a non-resident taxpayer is engaged in the business of providing services or facilities in connection with prospecting for, or extraction or production of mineral oils, a sum equal to 10 percent of gross receipts shall be deemed to be profits and gains of such business. Since, the deeming fiction is for determination of income under section 44BB , it cannot be applied for deeming allowa .....

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..... -off of current year losses and b/f losses of other business against such income. Possible Chapter VI-A deduction Available Note: Amount paid for technical services and knowhow used for prospecting/ extraction/ production of petroleum is covered by either Section 115A or section 44DA . It is not covered by section 44BB. However, rent paid/ amount paid for supply of plant machinery on hire/ service .....

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