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of <h1>Tax deduction for reinvested business profits into prescribed investment deposits or new assets; five-year lock-in, recapture rules</h1> Where a taxpayer carrying on business or profession deposits profits into a prescribed investment deposit account with the Development Bank or uses such amounts to buy new ships, aircraft or specified new machinery/plant under a government (or Tea Board-approved) scheme, a deduction up to the deposited/used amount or 20% of audited business profits (whichever is less) was allowable, subject to audited accounts, specified exclusions and a five-year lock-in on withdrawals. Non-compliance, premature withdrawal in certain events, improper utilization or sale of acquired assets within eight years triggers recapture as business income. The section contained special firm/member rules and was rendered inapplicable for assessment years beginning on or after 1 April 1991.
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