Each well or a cluster of wells producing mineral oil would be an undertaking eligible for tax holiday under section 80-IB of IT Act : ITAT Ahmedabad

RELEVANT PARAGRAPH

110. On a close reading of the provisions we notice that sub section (1) of section 80-IB provides for the deduction from such profits and gains of an amount equal to such percentage and for such number of assessment years as specified in this section where the gross total income of an assessee includes any profits and gains derived from eligible business referred to in sub-sections (3) to (11) and (11A).the deduction is to be in accordance with and subject to the provisi

Please become a Premium member. If you are already a Premium member, login here to access the full content.