Special provision for computing profits and gains in connection with the Business of Exploration etc. of Mineral Oils - Section 44BB

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Act, when a non-resident taxpayer is engaged in the business of providing services or facilities in connection with prospecting for, or extraction or production of mineral oils, a sum equal to 10% of gross receipts shall be deemed to be profits and gains of such business. Since, the deeming fiction is for determination of income under section 44BB, it cannot be applied for deeming allowance of de .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Provisions of sections 28 to 41 and sections 43 and 43A Not applicable Set-off of current year depreciation and b/f depreciation of other business against such income. Not Possible Set-off of current year losses and b/f losses of other business against such income. Possible (No set .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... royalty and fees for technical services in case of foreign companies 293A Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc of mineral oils. Amount paid for technical services and knowhow used for prospecting/ extraction/ production of petroleum is covered by either Section 1 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X