Special profit computation for mineral oil services treats a portion of receipts as business profits taxable under income tax. A special deemed profit mechanism treats a fixed proportion of aggregate amounts received for provision of services or supply of plant and machinery on hire used in prospecting for, or extraction or production of, mineral oils as profits chargeable to tax under 'Profits and gains of business or profession.' The provision applies to amounts paid in or out of the jurisdiction and amounts deemed received in the jurisdiction, and does not apply where specified alternate provisions govern computation. 'Plant' and 'mineral oil' are defined for the purpose of the rule.
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 profit computation for mineral oil services treats a portion of receipts as business profits taxable under income tax.
A special deemed profit mechanism treats a fixed proportion of aggregate amounts received for provision of services or supply of plant and machinery on hire used in prospecting for, or extraction or production of, mineral oils as profits chargeable to tax under "Profits and gains of business or profession." The provision applies to amounts paid in or out of the jurisdiction and amounts deemed received in the jurisdiction, and does not apply where specified alternate provisions govern computation. "Plant" and "mineral oil" are defined for the purpose of the rule.
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