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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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ther 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 in computation of income under the head profits and Gains of Business or Profession . INELIGIBLE ASSETS: The deposit should not be utilized for the purpose of acquisition of the following ineligible assets- A. Plant and machinery installed in office or residential accommodation or guesthouse. B. Office appliances other t .....

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