India - Income Tax Act 2010 - Saarc

1.199 CH. IV - COMPUTATION OF BUSINESS INCOME S. 33ABA(9) The Central Government, if it considers necessary or expedient so to do, may,by notification in the Official Gazette, direct that the deduction allowable underthis section shall not be allowed after such date as may be specified therein.Explanation.—In this section,—25[(a) “Coffee Board” means the Coffee Board constituted under section 4of the Coffee Act, 1942 (7 of 1942);(aa) “National Bank” means the National Bank for Agriculture and RuralDevelopment established under section 3 of the National Bank forAgriculture and Rural Development Act, 1981 (61 of 1981);(ab) “Rubber Board” means the Rubber Board constituted under subsection(1) of section 4 of the Rubber Act, 1947 (24 of 1947);](b) “Tea Board” means the Tea Board established under section 4 of theTea Act, 1953 (29 of 1953).]26[Site Restoration Fund. 2733ABA. (1) Where an assessee is carrying on business consisting of theprospecting for, or extraction or production of, petroleum or naturalgas or both in India and in relation to which the Central Government has enteredinto an agreement with such assessee for such business, has before the end of theprevious year—(a) deposited with the State Bank of India any amount or amounts in anaccount (hereafter in this section referred to as the special account)maintained by the assessee with that Bank in accordance with, andfor the purposes specified in, a scheme (hereafter in this sectionreferred to as the scheme) approved in this behalf by the Governmentof India in the Ministry of Petroleum and Natural Gas; or(b) deposited any amount in an account (hereafter in this section referredto as the Site Restoration Account) opened by the assessee inaccordance with, and for the purposes specified in, a scheme framedby the Ministry referred to in clause (a) (hereafter in this sectionreferred 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 fromearlier years is set off under section 72) of—(i) a sum equal to the amount or the aggregate of the amounts sodeposited; or(ii) a sum equal to twenty per cent of the profits of such business(computed under the head “Profits and gains of business or profession”before making any deduction under this section),whichever is less :25. Clauses (a), (aa) and (ab) substituted for clause (a) by the Finance Act, 2003, w.e.f. 1-4-2004.Prior to its substitution, clause (a) read as under :‘(a) “National Bank” means the National Bank for Agriculture and Rural Developmentestablished under section 3 of the National Bank for Agriculture and RuralDevelopment Act, 1981 (61 of 1981) ;’26. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.27. See Site Restoration Fund Scheme, 1999. For details, see Taxmann’s Income-tax Rules.