Supreme Court Act, 1959
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)SchedulesTenth Schedule : Oil and Gas Activities6. Exploration and post-exploration expenses |
If a company holds an oil and gas right contemplated in paragraph (a) or (b) of the definition of "oil and gas right" during any year of assessment—
| (a) | that company is deemed to be carrying on a trade in respect of that oil and gas right; and |
| (b) | expenditure and losses incurred by that company in respect of that oil and gas right are deemed to be incurred in the production of income of that company. |
[Paragraph 6 of the Tenth Schedule substituted by section 158(1) of the Taxation Laws Amendment Act, 2013 (Act No. 31 of 2013) - effective 1 April 2014]
