Dismissing the  appeal of the revenue the Tribunal held that  the assessee is not required to maintain its books of account qua each undertaking to be treated as separate unit in section 80IC(7) of the Act. Oil exploration activity could be taken as manufacture or production as prescribed in section 80IC(2)(b) of the Act, hence eligible for deduction. (AY. 2003-04 to 2006-07, 2007-08)