DEDUCTION FOR TEA DEVELOPMENT ACCOUNT, COFFEE DEVELOPMENT ACCOUNT AND RUBBER DEVELOPMENT ACCOUNT FOR COMPUTING INCOME UNDER THE HEAD "PROFITS AND GAINS OF BUSINESS OR PROFESSION"

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....der the head "Profits and gains of business or profession" before making any deduction under this paragraph, whichever is less. (2) The deduction shall be allowed before allowing set off of loss, if any, brought forward from earlier tax years as per section 110. 2. Conditions for claiming deduction.-(1) The deduction under paragraph 1 shall be allowed if the assessee-- (a) is carrying on the business of growing and manufacturing tea or coffee or rubber in India during the tax year; and (b) has deposited any amount in the specified account being,- (i) a special account maintained with the National Bank in accordance with, and for the purposes specified in the special scheme; or (ii) a deposit acco....

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.... closure of business; or (b) death of an assessee; or (c) partition of a Hindu undivided family; or (d) dissolution of a firm; or (e) liquidation of a company. (2) If any amount standing to the credit of the assessee in the specified account, is withdrawn during any tax year by the assessee in the circumstance referred to in sub-paragraph (1)(a) and (1)(d), the whole of such amount shall be deemed to be the profits and gains of business or profession of that tax year and shall accordingly be charged to income-tax for that tax year, as if the business had not been closed or, the firm had not been dissolved respectively. (3) Irrespective of anything contained in sub-paragraph (1), if -- (a) a....

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....s (not being computers); (c) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head "Profits and gains of business or profession" of any one tax year; (d) any new machinery or plant to be installed in an industrial undertaking for the purposes of business of construction, manufacture or production of any article or thing specified in the list in Schedule XIII. 4. No deduction of expenditure met through the amount withdrawn from specified account.-If the amount standing to the credit of the assessee in specified account is utilised to incur any expenditure for the purpose of such business as pe....

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....ness or profession immediately before the succession become the liabilities of the company; and (iv) all the shareholders of the company were partners of the firm immediately before the succession. (3) In this paragraph, "specified person" means,-- (a) Government; or (b) a local authority; or (c) a corporation established by or under a Central, State or Provincial Act; or (d) a Government company as defined in section 2(45) of the Companies Act, 2013 (18 of 2013). 6. Interpretation.-In this Schedule,- (a) "Coffee Board" means the Coffee Board constituted under section 4 of the Coffee Act, 1942 (7 of 1942); (b) "deposit account" means an account opened by the assessee for m....