TMI BlogSite Restoration FundX X X X Extracts X X X X X X X X Extracts X X X X ..... er in this section referred to as the scheme) approved in this behalf by the Government of India in the Ministry of Petroleum and Natural Gas; or ( b ) deposited any amount in an account (hereafter in this section referred to as the Site Restoration Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Ministry referred to in clause ( a ) (hereafter in this section referred to as the deposit scheme), the assessee shall, subject to the provisions of this section, be allowed a deduction (such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of- ( i ) a sum equal to the amount or the aggregate of the amounts so depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at in a case where the assessee is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the accounts of such business audited under such law and furnishes the report of the audit as required under such other law and a further report in the form prescribed under this sub-section. (3) Any amount standing to the credit of the assessee in the special account or the Site Restoration Account shall not be allowed to be withdrawn except for the purposes specified in the scheme or, as the case may be, in the deposit scheme. (4) Notwithstanding anything contained in sub-section (3), no deduction under sub-section (1) shall be allowed in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xistence, the provisions of this sub-section shall apply as if the business is in existence in that previous 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 . (7) Where any amount, standing to the credit of the assessee in the special account or in the Site Restoration Account, which is released during any previous year by the State Bank of India or which is withdrawn by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m by a company in the business or profession carried on by the firm as a result of which the firm sells or otherwise transfers to the company any asset and the scheme or the deposit scheme continues to apply to the company in the manner applicable to the firm. Explanation .- The provisions of clause ( ii ) of the proviso shall apply only where- ( i ) all the properties of the firm relating to the business or profession immediately before the succession become the properties of the company; ( ii ) all the liabilities of the firm relating to the business or profession immediately before the succession become the liabilities of the company; and ( iii ) all the shareholders of the company were partners of the firm immediately befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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