Business of refining of crude oil - Whether it will be regarded as priority industry for the purposes of deduction under the section https://www.taxtmi.com/circulars?id=4462 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. en-us Tue, 23 Mar 1971 00:00:00 +0530 Sat, 09 Aug 2008 12:19:00 +0530 TaxTMI RSS Generator Business of refining of crude oil - Whether it will be regarded as priority industry for the purposes of deduction under the section https://www.taxtmi.com/circulars?id=4462 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. Circulars Income Tax Tue, 23 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4462