TaxTMI 
TaxTMI 
THE ELEVENTH SCHEDULE - COMPUTATION OF PROFITS OF THE BUSINESS OF MINERAL OIL OR NATURAL GAS
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.... oil or natural gas; (ii) the leasing or transfer of whole of, or part of, or any interest in, any,- (A) mineral oil or natural gas right; and (B) asset used in the business of mineral oil or natural gas; and (iii) the demolition, destruction, discarding or transferring of any business captial asset (other than land, goodwill or financial instrument) in respect of which deduction has been allowed, or allowable, under sub-rule 3 in any financial year; and (b) the amounts referred to in sub-section (2) of section 31. 3. The amount of business expenditure referred to in rule 1 shall be the aggregate of the amount of,- (a) operating expenditure referred to in section 33, incurred by the assessee; (b) permitted finance charg....
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.... costs (including depreciation) attributable to the business of mineral oil or natural gas shall be determined in the prescribed manner. 8. The successor in a business reorganisation of the business of mineral oil or natural gas shall be allowed a deduction in respect of the negative profit determined in the case of the predecessor for,- (a) the financial year immediately preceeding the financial year in which the business reorganisation has taken place if the reorganisation is on the first day of the financial year; and (b) the period beginning with the first day of the financial year and ending on the day immediately preceeding the date of business reorganisation, in any other case. 9. The deduction to the successor shall be allo....