DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD "PROFITS AND GAINS OF BUSINESS OR PROFESSION"

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....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 112. (3) Any interest credited in the specified account shall be deemed to be a deposit. 2. Conditions for claiming deduction.-(1) Deduction under paragraph 1 shall be allowed if the assessee-- (a) is, during the tax year, carrying on the business consisting of the prospecting for, or extraction or production of, petroleum or natural gas, or both in India, and has entered into an agreement with the Central Government for such business; (b) has, before the end of the tax year, deposited any amount in the specified account, being,-- (i)....

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.... purposes specified in the special scheme or in the deposit scheme. (2)(a) Irrespective of anything contained in sub-paragraph (1), if-- (i) any amount standing to the credit of the assessee in the specified account is released or withdrawn from the special account or the site restoration account, during any tax year; and (ii) the amount is utilised for the purchase of specified articles or things, then, whole of such amount so utilised shall be deemed to be the profits and gains of business of that tax year and shall accordingly be charged to income-tax for that tax year; (b) for the purposes of this paragraph, "specified article or thing" means- (i) any machinery or plant to be installed in any office p....

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....o the credited of the assessee in the specified account which is- (a) released by the State Bank of India; or (b) withdrawn by the assessee from the site restoration account, during any tax year for utilisation for the purposes of such business as per the special scheme or deposit scheme and the same is not so utilised, either wholly or in part, shall be deemed to be the profits and gains of business of that tax year and accordingly be charged to income-tax for that tax year. 4. No deduction of expenditure met through amount withdrawn from specified account.-(1) If the amount standing credit to the assessee in the specified account is utilised to incur any expenditure for the purpose of business as per the special sc....

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.... (iii) all the liabilities of the firm relating to the business or profession immediately before the succession becomes 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.-For the purposes of this Schedule,- (a) "amount standing to the credit of the assessee" pertaining to the specified account includes in....