Site Restoration Fund deduction allowed for approved deposits or a portion of profits, subject to scheme use and audit requirements. A new Site Restoration Fund provision permits taxpayers carrying on petroleum or natural gas prospecting or production under a Government agreement to deduct amounts deposited into an approved State Bank special account or Site Restoration Account, subject to limits (deposits or a capped share of business profits), audit and filing requirements, restriction on withdrawals to scheme purposes, exclusions for certain asset purchases, and deeming provisions that treat unutilised or withdrawn sums and recaptured deduction on asset transfer as business income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Site Restoration Fund deduction allowed for approved deposits or a portion of profits, subject to scheme use and audit requirements.
A new Site Restoration Fund provision permits taxpayers carrying on petroleum or natural gas prospecting or production under a Government agreement to deduct amounts deposited into an approved State Bank special account or Site Restoration Account, subject to limits (deposits or a capped share of business profits), audit and filing requirements, restriction on withdrawals to scheme purposes, exclusions for certain asset purchases, and deeming provisions that treat unutilised or withdrawn sums and recaptured deduction on asset transfer as business income.
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