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of <h1>Petroleum businesses in India can claim deductions for deposits to site restoration accounts; withdrawals taxable per Schedule X.</h1> An assessee engaged in the business of prospecting, extracting, or producing petroleum or natural gas in India, under an agreement with the Central Government, is eligible for a deduction based on deposits to a special or site restoration account as per Schedule X. Withdrawals or transfers from this account at closure are taxable in the year of transaction. If an asset acquired through this scheme is sold or transferred within eight years, the deduction-related cost is considered business income and taxable in the year of sale or transfer.
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