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

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....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) a special account maintanined with the State Ban....

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....rposes specified in the special scheme or in the deposit scheme. (2) (a) Irrespective of anything contained in sub-paragraph (1), if the amount is utilised for the purchase of specified articles or things, then, such amount shall not be allowed as deduction under paragraph 1- (b) for the purposes of this paragraph, "specified article or thing" means- (i) any machinery or plant to be installed in any office premises or residential accommodation, including any accommodation in the nature of a guest-house; (ii) any office appliances (except computers); (iii) 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 inco....

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....on 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 within that tax year, such amount 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. (6) Where any amount standing to the credit of the assessee in the special account or in the Site Restoration Account is utilised by the assessee for the purposes of any expenditure in connection with such business in accordance with the scheme or the deposit scheme, such expenditure shall not be allowed in computing the income chargeable under the head "Profits and gains of business or profession". 4. No deduction of expenditure met ....

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....heme or deposit scheme is applicable to the company in the same manner as it applied to the firm; (ii) all the properties of the firm relating to the business or profession immediately before the succession becomes the properties of the company; (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 ....