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It transpires at the outset from a combined perusal of the Revenue and assessee’s pleadings in their respective four cases each that the sole issue that arises for our apt adjudication is of the latter’s eligibility to claim under s. 80-IB deduction in former two and s. 80-IC deduction in the remaining six assessment year(s) involving corresponding deduction claims.

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Section 80IC of the Income tax Act, 1961 — Deduction — Production of crude oil from oil wells amounts to a mineral based industry,since the assessee drills/explores crude oil in the oil wells for purpose of refining the same to produce various by- products ,the said activity amounts to production — Assistant Commissioner of income tax vs. Oil India ltd. [2019] 201 TTJ (Gauhati) 545

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