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Section 33ABA - Site Restoration Fund

Income Tax - Profit and Gains of Business or Profession - 16 - SEC - 33ABA: SITE RESTORATION FUND APPLICABILITY: Applicable to an assessee carrying on business, consisting of prospecting or extraction or production of petroleum 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 Res .....

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amount in any other PY. Any amount credited in the special account or site restoration account by way of interest shall be deemed to be a deposit. The deduction under this section shall not be admissible unless the accounts of such business of the assessee are audited by an accountant and assessee furnishes along with his return of income the audit report duly signed and verified by such accountant. UTILISATION OF DEPOSIT: The amount kept in the deposit will be allowed to be withdrawn to be uti .....

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