Site Restoration Fund (Deduction for Petroleum & Natural Gas Business) - Section 33ABA

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..... m or natural gas or both, in India, in respect of which the Central Govt. has entered into an agreement with the assessee. Deposits: Deposit shall be made before the end of previous year with- A. SBI in a scheme approved by Ministry of petroleum and Natural gas. B. Site Restoration Account. Amount of deduction: Least of the following is deductible - A. Amount deposited, or B. 20% of current year p .....

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..... t: The aforesaid amount shall be deposited before the end of Previous Year i.e. 31st March. Utilisation of Deposit: The amount kept in the deposit will be allowed to be withdrawn to be utilized for- A. Purpose of business other than for declaration of dividend or distribution of profits, or B. Purchase of eligible assets as per the scheme. However, such expenditure will not be allowed as deduction .....

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..... , and the amount is not so utilized within the previous year or not utilized as per the scheme, it shall be chargeable to tax as the income from business or profession. C. Where the newly acquired asset is transferred or sold within 8 years from the end of the previous year in which it is acquired, the portion of the deduction already allowed should be treated as income of the previous year in whi .....

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