Additional Depreciation Granted as Oil Extraction Equals Production

Joshi Technologies International Inc India Projects Vs ACIT (ITAT Ahmedabad) Oil-well deductions upheld again: ITAT Ahmedabad allows 80IB(9), higher depreciation & TP relief; bogus donation claim rejected Ahmedabad ITAT partly allowed the Assessee’s appeals involving a bouquet of long-standing issues in the oil exploration sector. On the core issue of deduction u/s 80IB(9), the Tribunal reiterated that each oil well constitutes a separate undertaking, and profits of each well are independently eligible for deduction. Following binding precedents in the Assessee’s own case and the Gujar...