Business of prospecting for mineral oils.

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....of business or profession". (2) In this section, "specified oil exploration business" means business consisting of prospecting for or extraction or production of mineral oils where the following conditions are fulfilled:- (a) the assessee has entered into an agreement with the Central Government; (b) such agreement is entered for association or participation of the Central Government or any p....

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....-- (a) either in lieu of, or in addition to, any allowance admissible under this Act as specified in the agreement; and (b) computed and made in the manner specified in the agreement and the other provisions of this Act shall be deemed to have been modified to such extent. (5) Where the business or any interest therein as referred to in sub-section (1) is wholly or partly transferred as per t....

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.... = proceeds of the transfer (so far as they consist of capital sums); B = total amount of expenditure incurred in connection with the business or to obtain interest therein; C = amount of expenditure incurred remaining unallowed. (6) If the business or interest therein is no longer in existence in the year of transfer, the provisions of sub-section (5) shall apply as if such business is in ex....