Provision for Site Restoration - Expenses allowable u/s 37(1) - Merely because the contract period was...

Provision for Site Restoration - Expenses allowable u/s 37(1) - Merely because the contract period was long viz., 25 years, which too now stands extended by period of ten years or more and therefore the actual work of site restoration may happen after 35 years depending upon the actual exploration of oil reserves and the Site restoration would be undertaken only if there is no longer some oil to be explored or drawn out and, therefore, it cannot be said that the provision made for the three Asse..... .....

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