Priority industry status for refining crude oil allows tax deductions and development rebates where statutory conditions are satisfied. The term mineral oil includes crude petroleum and its derived liquid hydrocarbon products; profits from refining crude oil therefore qualify for the enhanced super tax rebate and, on parity, the refining business is treated as a priority industry for entitlement to investment and development rebates for machinery and plant, subject to fulfillment of the other statutory conditions.
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.
Priority industry status for refining crude oil allows tax deductions and development rebates where statutory conditions are satisfied.
The term mineral oil includes crude petroleum and its derived liquid hydrocarbon products; profits from refining crude oil therefore qualify for the enhanced super tax rebate and, on parity, the refining business is treated as a priority industry for entitlement to investment and development rebates for machinery and plant, subject to fulfillment of the other statutory conditions.
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