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        Income Tax

        Section 42 - Special provision for deductions in the case of business for prospecting, etc., for mineral oil

        Income-tax Act, 1961
        Part D
        Profits and gains of business or profession

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        Special deductibility for mineral oil prospecting permits agreement specified allowances replacing standard tax allowances under the Act. Section 42 permits special allowances specified in government agreements for businesses prospecting for or producing mineral oil, replacing or supplementing ordinary Act allowances for abortive exploration, specified drilling and exploration expenditure and depletion upon commencement of commercial production, with computation and application governed by the agreement and necessary modifications to the Act.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                      Provisions expressly mentioned in the judgment/order text.

                          Special deductibility for mineral oil prospecting permits agreement specified allowances replacing standard tax allowances under the Act.

                          Section 42 permits special allowances specified in government agreements for businesses prospecting for or producing mineral oil, replacing or supplementing ordinary Act allowances for abortive exploration, specified drilling and exploration expenditure and depletion upon commencement of commercial production, with computation and application governed by the agreement and necessary modifications to the Act.


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