(1)
Subject to the provisions of this Part, the revenue of a company in an accounting period shall be the aggregate of —
(a)
the proceeds of sale of all chargeable oil sold by the company in that period ;
(b)
the value of all chargeable oil disposed by the company in that period ;
(c)
all income of the company of that period incidental to and arising from any one or more of its petroleum operations ; and
(d)
gains arising from the disposal of assets accruing to the company in any accounting period, ascertained in accordance with the relevant provisions of Part VIII of Chapter Two of this Act.
(2)
For the purposes of subsection (1)(b) of this section, the value of any chargeable oil disposed shall be taken to be the value of that oil as determined, for the purpose of royalty, in accordance with the provisions of the Seventh Schedule to this Act and any applicable legislation.
(3)
The adjusted profit of an accounting period shall be the profits of that period after the deductions allowed under section 91(1) of this Act and any adjustment to be made in accordance with the provisions of sections 91(2), (5) and 95 of this Act.
(4)
The assessable profit of an accounting period shall be the adjusted profit of that period after any deduction allowed under section 97 of this Act.
(5)
The chargeable profits of an accounting period shall be the assessable profits of that period after the deductions allowed under section 97 of this Act.