Section 42. Special provisions relating to growing crops

42. Special provisions relating to growing crops. —(1) Where the property to be sold is a growing crop and the crop from its nature admits of being stored but has not yet been stored, the day of the sale shall be so fixed as to admit of the crop being made ready for storing before the arrival of such day, and the sale shall not be held until the crop has been cut or gathered and is ready for storing. (2) Where the crop from its nature does not admit of being stored or can be sold to a greater advantage in an unripe stage ( e.g., as green wheat), it may be sold before it is cut and gathered, and the purchaser shall be entitled to enter on the land, and to do all that is necessary for the purpose of tending or cutting or gathering the crop. 42. Special provision for deductions in the case of business for prospecting, etc., for mineral oil. —[6] [(1)] For the purpose of computing the profits or gains of any business consisting of the prospecting for or extraction or production of mineral oils in relation to which the Central Government has entered into an agreement with any person for the[7] [association or participation of the Central Government or any person authorised by it in such business] (which agreement has been laid on the Table of each House of Parliament), there shall be made in lieu of, or in addition to, the allowances admissible under this Act, such allowances as are specified in the agreement in relation— (a) to expenditure by way of infructuous or abortive exploration expenses in respect of any area surrendered prior to the beginning of commercial production by the assessee; (b) after the beginning of commercial production, to expenditure incurred by the assessee, whether before or after such commercial production, in respect of drilling or exploration activities or services or in respect of physical assets used in that connection, except assets on which allowance for depreciation is admissible under section 32:[8] * 9[Provided that in relation to any agreement entered into after the 31st day of March, 1981, this clause shall have effect subject to the modification that the words and figures "except assets on which allowance for depreciation is admissible under section 32" had been omitted; and] 1. Ins. by Act 26 of 1997, s. 9 (w.e.f. 1-4-1998). 2. The words, brackets and figures "sub-section (2), sub-section (2A)"omitted by Act 46 of 1986, s. 7 (w.e.f. 1-4-1988). 3. Subs. by Act 26 of 1997, s. 9, for "or sub-section (4)" (w.e.f. 1-4-1998). 4. The words "or under the head Capital gains" omitted by Act 11 of 1987, s. 74 (w.e.f. 1-4-1988). 5. Ins. by Act 4 of 1988, s. 126(w.e.f. 1-4-1989). 6. Section 42 renumbered as sub-section (1) thereof by Act 21 of 1998, s. 17 (w.e.f. 1-4-1999). 7. Subs. by Act 16 of 1981, s. 8, for "the association or participation in such business of the Central Government" (w.e.f. 1-4-1981).