9911796707
TMI BlogTHE ELEVENTH SCHEDULE - COMPUTATION 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 ..... oil or natural gas; (ii) the leasing or transfer of whole of, or part of, or any interest in, any,- (A) mineral oil or natural gas right; and (B) asset used in the business of mineral oil or natural gas; and (iii) the demolition, destruction, discarding or transferring of any business captial asset (other than land, goodwill or financial instrument) in respect of which deduction has been allowed, or allowable, under sub-rule 3 in any financial year; and (b) the amounts referred to in sub-section (2) of section 31. 3. The amount of business expenditure referred to in rule 1 shall be the aggregate of the amount of,- (a) operating expenditure referred to in section 33, incurred by the assessee; (b) permitted finance charges referred to in sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness of mineral oil or natural gas shall be determined in the prescribed manner. 8. The successor in a business reorganisation of the business of mineral oil or natural gas shall be allowed a deduction in respect of the negative profit determined in the case of the predecessor for,- (a) the financial year immediately preceeding the financial year in which the business reorganisation has taken place if the reorganisation is on the first day of the financial year; and (b) the period beginning with the first day of the financial year and ending on the day immediately preceeding the date of business reorganisation, in any other case. 9. The deduction to the successor shall be allowed,- (a) in the financial year immediately following the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inery or plant was not, at any time prior to the date of the installation by the assessee, used in India; (ii) the machinery or plant is imported into India from any country outside India; and (iii) no deduction on account of depreciation in respect of the machinery or plant has been allowed or is allowable under the provisions of this Code, or the Income-tax Act, 1961, in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee; (f) the condition specified in clasue (ii) of sub-rule 10 shall be deemed to have been complied with if the total value of the machinery or plant or any part thereof, previously used for any purpose and transferred to the business referr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
