Oil block handed over before commencement of production amounted to surrender u/s. 42 entitled for deduction

INCOME TAX: Where assessee oil exploration company had no choice but to surrender oil blocks as Government of India refused to extend contract period for oil exploration, act of assessee to hand over oil blocks before commencement of commercial production would be treated as 'surrender' for claiming deduction of oil exploration expenditure under section 42(1)(a)

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