https://www.taxtmi.com/caselaws?id=174320 The Authority ruled that section 42 of the Income-tax Act does not override the application of section 115JA in determining the total income of a foreign company engaged in oil and gas exploration. While section 42 allows deductions for specific business income, it does not supersede the legal fiction introduced by section 115JA, which deems thirty percent of book profit as total income. The Authority emphasized that section 115JA is a self-contained code aimed at preventing tax avoidance and that notifications under section 293A do not alter its independent application in calculating total income. en-us Thu, 27 Aug 1998 00:00:00 +0530 Fri, 23 Oct 2015 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174320 The Authority ruled that section 42 of the Income-tax Act does not override the application of section 115JA in determining the total income of a foreign company engaged in oil and gas exploration. While section 42 allows deductions for specific business income, it does not supersede the legal fiction introduced by section 115JA, which deems thirty percent of book profit as total income. The Authority emphasized that section 115JA is a self-contained code aimed at preventing tax avoidance and that notifications under section 293A do not alter its independent application in calculating total income. Case-Laws Income Tax Thu, 27 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174320