Section 44BB Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils

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The Tax Publishers [1][44BB. Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils. (1) Notwithstanding anything to the contrary contained in Sections 28 to 41 and Sections 43 and 43A, in the case of an assessee, [2][being a non-resident] engaged in the business of providing services, or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils, a sum equal to ten per cent of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head Profits and gains of business or profession : Provided that this sub-section shall not apply in a case where the provisions of Section 42 or Section 44D or [3][section 44DA or] Section 115A or Section 293A apply for the purposes of computing profits or gains or any other income referred to in those Sections. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][44BB. Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils.

(1) Notwithstanding anything to the contrary contained in Sections 28 to 41 and Sections 43 and 43A, in the case of an assessee, [2][being a non-resident] engaged in the business of providing services, or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils, a sum equal to ten per cent of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head Profits and gains of business or profession :

Provided that this sub-section shall not apply in a case where the provisions of Section 42 or Section 44D or [3][section 44DA or] Section 115A or Section 293A apply for the purposes of computing profits or gains or any other income referred to in those Sections.