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No set off of unabsorbed depreciation where deemed profits regime applies, restricting brought forward loss relief under mineral oil service rules. The amendment provides that where an assessee computes profits under the deemed profits provision for mineral oil related services, no set off of unabsorbed depreciation and brought forward business losses shall be allowed for that previous year, notwithstanding provisions that would otherwise permit depreciation or loss set off.
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Provisions expressly mentioned in the judgment/order text.
No set off of unabsorbed depreciation where deemed profits regime applies, restricting brought forward loss relief under mineral oil service rules.
The amendment provides that where an assessee computes profits under the deemed profits provision for mineral oil related services, no set off of unabsorbed depreciation and brought forward business losses shall be allowed for that previous year, notwithstanding provisions that would otherwise permit depreciation or loss set off.
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