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 e

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