Amendment of section 42

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..... e assessee consisting of the prospecting for or extraction or production of petroleum and natural gas is transferred wholly or partly or any interest in such business is transferred in accordance with the agreement referred to in sub-section (1) subject to the provisions of the said agreement and where the proceeds of the transfer so far as they consist of capital sums:- (a) are less than the ex .....

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..... , the deduction to be allowed for expenditure incurred remaining unallowed shall be arrived at by subtracting the proceeds of transfer (so far as they consist of capital sums) from the expenditure remaining unallowed. Explanation.- Where the business or interest in such business is transferred in a previous year in which such business carried on by the assessee is no longer in existence, the pro .....

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