9911796707
TMI BlogAmortisation of expenditure for prospecting certain minerals.X X X X Extracts X X X X X X X X Extracts X X X X ..... tion or production of, any mineral, shall be allowed a deduction of an amount equal to one-tenth of the amount of expenditure referred to in sub-section (2), in each of the relevant tax years. (2) The expenditure referred to in sub-section (1) is the expenditure incurred by the assessee at any time during the year of commercial production and any one or more of the four tax years immediately prec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ineral or group of associated minerals referred to in the said sub-sections or of any rights in or over such site; or (b) any expenditure on the acquisition of the deposits of such mineral or group of associated minerals or of any rights in or over such deposits; or (c) any expenditure of a capital nature in respect of any building, machinery, plant or furniture for which allowance by way of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ichever is less. (6) If any part of the instalment for a relevant tax year is not fully allowed, it shall be carried forward to the next year, becoming part of the instalment of that tax year and such carrying forward may continue for each following year, but no instalment shall be carried forward beyond the tenth year from the year in which commercial production began. (7) Where the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) no deduction shall be allowed to the amalgamating or demerged company for the year in which such amalgamation or demerger takes place; and (b) all the provisions of this section shall continue to apply to the amalgamated or resulting company as it would have applied to the amalgamating or demerged company, as if the amalgamation or demerger has not taken place. (9) If a deduction under t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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