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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....ad "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 112. 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; (b) has, before the expiry of six months from the end of the tax year or before the due date of furnishing the return of his income, whichever is earlier, deposited any amount in the specified account being,- (i) a special account mainta....

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....withdrawn except for the purpose specified in the special scheme or, in the deposit scheme, or in the circumstances specified below :- (a) closure of business; or (b)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 (2) If any amount standing to the credit of the assessee in the specified account, is withdrawn during any tax year by the assessee in the circumstance referred to in sub-paragraph (1)(a) and (1)(d), the whole of such amount shall be deemed to be the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....

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....ny office premises or residential accommodation, including any accommodation in the nature of a guest-house; (b) any office appliances (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 No deduction of expenditure met through the amount withdrawn from specified account.- If the....

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....r profession immediately before the succession become the properties of the company; (iii) all the liabilities of the firm relating to the business 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.- For the purposes of this Schedule,- (a) "Coffee Bo....