In case of an asseessee being non-resident engaged in the business of providing services or facilities in connection with or supplying plant & machinery on hire used or to be used in prospecting for or extraction or production of mineral oils a sum equal to 10% of the aggregate of the following amounts shall be deemed as profit of such non-resident assessee for income-tax purposes. The amounts are :
(a) amount payable or paid (whether in India or out of India) to the assessee for providing facilities in connection with or supply of plant & machinery on hire basis for using in prospecting or exploration or production of mineral oils in India; or
(b) any such amount for exploration or production of mineral oils outside India.
With effect from 1-4-2004 an assessee may claim lower income and he shall be required to maintain accounts as per section 44AA and get them audited as per section 44AB.