Section 2 in The Cost Accounting Records (Petroleum Industry) Rules, 2002
2. Application.
- They shall apply to every company engaged in production, processing and manufacturing of crude oil, gases (including Compressed Natural Gas or Liquified Natural Gas and re-gasification thereof) or any other petroleum products:Provided that these rules shall not apply to a company, -(a)the aggregate value of the machinery and plant installed wherein, as on the last date of the preceding financial year, does not exceed the limits as specified for a small scale industrial undertakings under the provisions of Industries (Development and Regulation) Act, 1951 (65 of 1951); and(b)the aggregate value of the turnover made by the company from the sale or supply of all its products during the preceding financial year does not exceed ten crore rupees.
