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TMI BlogCOMPUTATION 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 ..... on by the assessee at any time during the financial year as reduced by the amount of business expenditure incurred by the assessee, wholly and exclusively, for the purposes of the business during the year. 2. The gross income referred to in paragraph 1 shall be the aggregate of,— (a) the accruals or receipts derived by the assessee from,— (i) the business of mineral oil or natural gas; (ii) the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or other charges, if actually paid; (d) capital expenditure incurred by the assessee; (e) expenditure on infructuous or abortive exploration of any area; (f) expenditure referred to in clauses (a) to (e) incurred before the commencement of the business. (g) payment to Site Restoration Accomulate maintained in State Bank of India in accordance with the Schemes may be prescribed. 4. The profits com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess shall be determined in such manner as may be prescribed. 7. The provisions of this Schedule shall apply to the business referred to in paragraph 1, which fulfils the following conditions, namely:— (a) it is not set-up by splitting up, or the reconstruction, of a business already in existence; (b) it is not set up by the transfer to the business of machinery or plant previously used for any pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l not be regarded as machinery or plant previously used for any purpose, if— (i) the machinery 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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