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Income Tax - Highlights / Catch Notes

Home Highlights July 2013 Year 2013 This

Benefit u/s 42 - business for prospecting, etc., for mineral oil ...

Income Tax

July 30, 2013

Benefit u/s 42 - business for prospecting, etc., for mineral oil - no legal right on the basis of the letters accrues/arises - no statement or promise that advantage u/s 42 would be available to the successful bidder was promised or made - HC

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  1. Entitlement to benefit of Section 42 - business for prospecting, etc., for mineral oil. - discrepancy in the agreement - allowances, as stipulated in the Section, were...

  2. Applicability of Section 44BB - the supplying of vessels for the said purposes is inextricably connected with the prospecting, production of mineral oil - any activity...

  3. Mineral oil sludge is not classifiable under Schedule to the Central Excise Tariff Act, 1985 - AT

  4. Disallowance of exploration expenses pertaining to Pranhita Godavari (PG) Block - the unsuccessful oil exploration expenses is allowable u/s 42(1)(a)

  5. Import policy of Petroleum bitumen under HS code 2713 20 00 and other residues of petroleum oils or of oils obtained from bituminous minerals under HS Code 2713 90 00 is 'Free'.

  6. Classification of goods - imported sulphonated fish oil - as per the re-test the goods are free from mineral oils thus taking them out of the ambit of Chapter heading 3403 - AT

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  8. AO was not justified in holding that the income of the assessee arising from performance of associated drilling activity through the provisions of oil field equipment on...

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