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of <h1>Petroleum and natural gas businesses can claim deductions for site restoration funds, subject to specific conditions under section provisions.</h1> The statutory provisions outline the conditions for claiming deductions related to site restoration funds under the 'Profits and Gains of Business or Profession' heading. An assessee engaged in petroleum or natural gas business, with an agreement with the Central Government, can claim deductions based on deposits in specified accounts. Deductions are determined by the lesser of the deposit amount or 20% of business profits. Withdrawals from these accounts are restricted to specified purposes, and any misuse or premature asset sale results in the amount being taxed as business profits. The provisions also define terms such as 'specified account' and 'special scheme.'
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