India - Income Tax Act 2010 - Saarc

S. 33AB I.T. ACT, 1961 1.196Provided that where such assessee is a firm, or any association of persons or anybody of individuals, the deduction under this section shall not be allowed in thecomputation of the income of any partner, or as the case may be, any memberof such firm, association of persons or body of individuals :Provided further that where any deduction, in respect of any amount depositedin the special account 12 [, or in the 13 [***] Deposit Account], has been allowedunder this sub-section in any previous year, no deduction shall be allowed inrespect of such amount in any other previous year.(2) The deduction under sub-section (1) shall not be admissible unless theaccounts of such business of the assessee for the previous year relevant to theassessment year for which the deduction is claimed have been audited by anaccountant as defined in the Explanation below sub-section (2) of section 288and the assessee furnishes, along with his return of income, the report of suchaudit in the prescribed form 14 duly signed and verified by such accountant :Provided that in a case where the assessee is required by or under any other lawto get his accounts audited, it shall be sufficient compliance with the provisionsof this sub-section if such assessee gets the accounts of such business auditedunder such law and furnishes the report of the audit as required under such otherlaw and a further report in the form prescribed under this sub-section.(3) Any amount standing to the credit of the assessee in 15 [the special account orthe 16 [***] Deposit Account shall not be allowed to be withdrawn except for thepurposes specified in the scheme or, as the case may be, in the deposit scheme]or in the circumstances specified below :—(a) closure of business ;(b) death of an assessee ;(c) partition of a Hindu undivided family ;(d) dissolution of a firm ;(e) liquidation of a company.17[(4) Notwithstanding anything contained in sub-section (3), where any amountstanding to the credit of the assessee in the special account or in the DepositAccount is released during any previous year by the National Bank or withdrawnby the assessee from the Deposit Account, and such amount is utilised for thepurchase of—12. Inserted by the Finance Act, 1994, w.e.f. 1-4-1995.13. Word “Tea” omitted by the Finance Act, 2003, w.e.f. 1-4-2004.14. See rule 5AC and Form No. 3AC for audit report required under section 33AB(2). Rule 12provides that the return of income shall not be accompanied by any document or copy ofany account or form or report of audit required to be attached with return of incomeunder any of the provisions of the Act.15. Substituted for “the special account shall not be allowed to be withdrawn except for thepurposes specified in the scheme” by the Finance Act, 1994, w.e.f. 1-4-1995.16. Word “Tea” omitted by the Finance Act, 2003, w.e.f. 1-4-2004.17. Substituted by the Finance Act, 2003, w.e.f. 1-4-2004. Prior to its substitution, sub-section(4) read as under :(Contd. on p. 1.197)