Tax deduction for oil and gas undertakings expanded with new eligibility criteria, licensing aggregation and fixed time limits on commencement. The amendment substitutes sub-section (9) to grant a hundred per cent deduction of profits for seven consecutive assessment years to undertakings that meet specified mineral oil and natural gas production or refining conditions, treats all blocks licensed under a single contract awarded under the New Exploration Licensing Policy as a single undertaking, and inserts time limited eligibility for refining and new natural gas rounds. It also amends sub-section (10) to adjust deadlines and housing-unit allocation conditions with an exception for works contracts, and expands sub-section (11A) to include meat, poultry, marine and dairy processing subject to a proviso excluding prior operators.
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Tax deduction for oil and gas undertakings expanded with new eligibility criteria, licensing aggregation and fixed time limits on commencement.
The amendment substitutes sub-section (9) to grant a hundred per cent deduction of profits for seven consecutive assessment years to undertakings that meet specified mineral oil and natural gas production or refining conditions, treats all blocks licensed under a single contract awarded under the New Exploration Licensing Policy as a single undertaking, and inserts time limited eligibility for refining and new natural gas rounds. It also amends sub-section (10) to adjust deadlines and housing-unit allocation conditions with an exception for works contracts, and expands sub-section (11A) to include meat, poultry, marine and dairy processing subject to a proviso excluding prior operators.
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