Income Tax Act, 2025
Section 2: Subs. by Act 32 of 2003, s. 16, for clause (a) (w.e.f. 12004).
2. Subs. by Act 32 of 2003, s. 16, for clause (a) (w.e.f. 12004).
178
(b) “Tea Board” means the Tea Board established under section 4 of the Tea Act, 1953
(29 of 1953).]
1[33ABA. Site Restoration Fund.—(1) Where an assessee is carrying on business consisting of the
prospecting for, or extraction or production of, petroleum or natural gas or both in India and in relation to
which the Central Government has entered into an agreement with such assessee for such business, has
before the end of the previous year—
(a) deposited with the State Bank of India any amount or amounts in an account (hereafter in this
section referred to as the special account) maintained by the assessee with that Bank in accordance
with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme)
approved in this behalf by the Government of India in the Ministry of Petroleum and Natural Gas; or
(b) deposited any amount in an account (hereafter in this section referred to as the Site
Restoration Account) opened by the assessee in accordance with, and for the purposes specified in, a
scheme framed by the Ministry referred to in clause (a) (hereafter in this section referred 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 from earlier years is set off under section 72) of—
(i) a sum equal to the amount or the aggregate of the amounts so deposited; 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:
Provided that where such assessee is a firm, or any association of persons or any body of individuals,
the deduction under this section shall not be allowed in the computation of the income of any partner or,
as the case may be, any member of such firm, association of persons or body of individuals:
Provided further that where any deduction, in respect of any amount deposited in the special account,
or in the Site Restoration Account, has been allowed under this sub-section in any previous year, no
deduction shall be allowed in respect of such amount in any other previous year:
Provided also that any amount credited in the special account or the Site Restoration Account by way
of interest shall be deemed to be a deposit.
(2) The deduction under sub-section (1) shall not be admissible unless the accounts of such business
of the assessee for the previous year relevant to the assessment year for which the deduction is claimed
have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288
and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form
duly signed and verified by such accountant:
Provided that in a case where the assessee is required by or under any other law to get his accounts
audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the
accounts of such business audited under such law and furnishes the report of the audit as required under
such other law and a further report in the form prescribed under this sub-section.
(3) Any amount standing to the credit of the assessee in the special account or the Site Restoration
Account shall not be allowed to be withdrawn except for the purposes specified in the scheme or, as the
case may be, in the deposit scheme.
(w.e.f. 12004).
178
“Tea Board” means the Tea Board established under section 4 of the Tea Act, 1953
(29 of 1953).]
1[33ABA. Site Restoration Fund.—
Where an assessee is carrying on business consisting of the
prospecting for, or extraction or production of, petroleum or natural gas or both in India and in relation to
which the Central Government has entered into an agreement with such assessee for such business, has
before the end of the previous year—
deposited with the State Bank of India any amount or amounts in an account (hereafter in this
section referred to as the special account) maintained by the assessee with that Bank in accordance
with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme)
approved in this behalf by the Government of India in the Ministry of Petroleum and Natural Gas; or
deposited any amount in an account (hereafter in this section referred to as the Site
Restoration Account) opened by the assessee in accordance with, and for the purposes specified in, a
scheme framed by the Ministry referred to in clause
(hereafter in this section referred 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 from earlier years is set off under section 72) of—
a sum equal to the amount or the aggregate of the amounts so deposited; or
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:
Provided that where such assessee is a firm, or any association of persons or any body of individuals,
the deduction under this section shall not be allowed in the computation of the income of any partner or,
as the case may be, any member of such firm, association of persons or body of individuals:
Provided further that where any deduction, in respect of any amount deposited in the special account,
or in the Site Restoration Account, has been allowed under this sub-section in any previous year, no
deduction shall be allowed in respect of such amount in any other previous year:
Provided also that any amount credited in the special account or the Site Restoration Account by way
of interest shall be deemed to be a deposit.
The deduction under sub-section
shall not be admissible unless the accounts of such business
of the assessee for the previous year relevant to the assessment year for which the deduction is claimed
have been audited by an accountant as defined in the Explanation below sub-section
of section 288
and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form
duly signed and verified by such accountant:
Provided that in a case where the assessee is required by or under any other law to get his accounts
audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the
accounts of such business audited under such law and furnishes the report of the audit as required under
such other law and a further report in the form prescribed under this sub-section.
Any amount standing to the credit of the assessee in the special account or the Site Restoration
Account shall not be allowed to be withdrawn except for the purposes specified in the scheme or, as the
case may be, in the deposit scheme.