THE ELEVENTH SCHEDULE - COMPUTATION OF PROFITS OF THE BUSINESS OF MINERAL OIL OR NATURAL GAS

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessee from,-          (i) the business of mineral 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, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o (3) of section 33, sub-section (1) of section 34 and sections 35 to section 38;      (b) after giving full effect to any deduction allowable under sub-chapter-I of Chapter III in relation to the profits of the business of mineral oil or natural gas. 6. The written down value of any business asset used in the business of mineral oil or natural gas shall be computed as if the assessee has claimed and has been actually allowed the deduction in respect of depreciation under section 36, initial depreciation under section 37 and terminal allowance under section 38. 7. The amount of common costs (including depreciation) attributable to the business of mineral oil or natural gas shall be determined in the prescribed m....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he context otherwise requires,-      (a) 'business of mineral oil or natural gas' means any business consisting of the prospecting for or extraction or production of mineral oil or natural gas;      (b) 'mineral oil' means crude oil, being petroleum in its natural state before it is refined or otherwise treated but from which water and foreign substances have been extracted;      (c) 'natural gas' means any subsoil combustible gaseous fossil fuel;      (d) 'oil and gas right' means any reconnaissance permit, technical cooperation permit, exploration right, or production right assigned under the Oilfields (Regulation and Development) Act, 1948, or any....