Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Deduction u/s 80IB for extracting of oil. – commercial ...


Court Affirms Tax Deduction for Mineral Oil Extraction and Sale Under Income Tax Act Section 80IB(9.

September 25, 2013

Case Laws     Income Tax     AT

Deduction u/s 80IB for extracting of oil. – commercial production of mineral oil as per. sec. 8OIB(9) Involves the activity of extracting Oil from underneath of surface and transport it for sale and nothing else - deduction allowed - AT

View Source

 


 

You may also like:

  1. 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...

  2. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

  3. Sales Tax / VAT - Himani Navratan Oil liable to tax as Ayurvedic medicament, not as Cosmetic

  4. The point of sale of the crude oil - sale of crude oil by the petitioner from the Barmer Oil Fileds to MRPL etc., all nominated by the Central Government, under clause 1....

  5. The petitioner challenged the imposition of entry tax on crude soybean oil brought into Madhya Pradesh for manufacturing/refining soybean refined oil under the MPCT Act...

  6. The non-resident assessee company offered income on a presumptive basis u/s 44BB at 10% of gross receipts from a project office in India. The Assessing Officer accepted...

  7. The Supreme Court upheld the validity of the Explanations to Rule 38 of the Mineral (Other than Atomic and Hydrocarbons Energy Minerals) Concession Rules, 2016 and Rule...

  8. Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

  9. The court examined whether the receipts from services rendered by IMG to BCCI for IPL were taxable as Fees for Technical Services (FTS) under Article 13 of the India-UK...

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

  11. Deduction u/s 80IB - exploration, development and production of "mineral oil" - Explanation added to Section 80-IB(9) by amendment is substantive law and could not...

  12. Payment of Interest for Sales Tax Default - interest paid by the assessee to the sales tax department on arrears of sales tax/purchase tax was an admissible deduction - AT

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

  14. Scope of Section 44BB - Service tax inclusion in the gross revenue for computing profits under presumptive provisions of section 44BB - The Hon’ble Court is clearly...

  15. Electronic commerce operators (ECOs) required to pay tax u/s 9(5) of CGST Act for specified services supplied through their platform are not required to reverse...

 

Quick Updates:Latest Updates