44BB. [ Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils. [Inserted by Act 11 of 1987, Section 11 (w.r.e.f. 1.4.1983).]
(1)Notwithstanding anything to the contrary contained in sections 28 to 41 and sections 43 and 43-A, ] [Substituted by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.][in the case of an assessee, being a non-resident] [ Substituted by Act 26 of 1988, Section 16, for certain words (w.r.e.f. 1.4.1983).][, 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 44-D or section 115-A or section 293-A apply for the purposes of computing profits or gains or any other income referred to in those sections.(2)The amounts referred to in sub-section (1) shall be the following, namely:-(a)the amount paid or payable (whether in or out of India) to the assessee or to any person on his behalf on account of the provision of services and facilities in connection with, or supply of plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils in India; and(b)the amount received or deemed to be received in India by or on behalf of the assessee on account of the provision of services and facilities in connection with, or supply of plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils outside India.](3)[ Notwithstanding anything contained in sub-section (1), an assessee may claim lower profits and gains than the profits and gains specified in that sub-section, if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44-AA and gets his accounts audited and furnishes a report of such audit as required under section 44-AB, and thereupon the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee under sub-section (3) of section 143 and determine the sum payable by, or refundable to, the assessee.] [ Inserted by Act 32 of 2003, Section 25 (w.e.f. 1.4.2004).][Explanation. - For the purposes of this section,-(i)"plant" includes ships, aircraft, vehicles, drilling units, scientific apparatus and equipment, used for the purposes of the said business;(ii)"mineral oil" includes petroleum and natural gas.]
