Business of prospecting for mineral oils.

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....ofits and gains 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....

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....a. (4) The deductions referred to in sub-section (1) shall be-- (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 th....

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....d remaining unallowed in the tax year in which such transfer takes place or any subsequent tax year, where,-- A = 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 ....