Section 48 — Tea development account, coffee development account and rubber development account
Old Act equivalent: Section 33AB, 33ABA of IT Act 1961 Sub-part: D.—Profits and gains of business or profession
Statutory Text
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(1) Where an assessee is carrying on business of growing and manufac-
turing tea or coffee or rubber in India, such assessee shall be allowed a
deduction on the basis of deposits into the special account or deposit account and computed as per the provisions of the Schedule IX. (2) Any amount withdrawn or utilised or released from the aforesaid accounts at the time of closure or otherwise shall be charged to tax as per the provisions of the Schedule IX. (3) Where any asset acquired as per the special scheme or the deposit scheme, as referred to in the Schedule IX, is sold or otherwise transferred in any tax year, it shall be charged to tax in accordance with the provisions of the said Schedule. Site Restoration Fund.
Sub-sections
Sub-section (1)
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(1) Where an assessee is carrying on business of growing and manufac-
turing tea or coffee or rubber in India, such assessee shall be allowed a
deduction on the basis of deposits into the special account or deposit account and computed as per the provisions of the Schedule IX.
Sub-section (2)
(2) Any amount withdrawn or utilised or released from the aforesaid accounts at the time of closure or otherwise shall be charged to tax as per the provisions of the Schedule IX.
Sub-section (3)
(3) Where any asset acquired as per the special scheme or the deposit scheme, as referred to in the Schedule IX, is sold or otherwise transferred in any tax year, it shall be charged to tax in accordance with the provisions of the said Schedule. Site Restoration Fund.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Assessees growing and manufacturing tea, coffee or rubber.
- Scope: Deposit in special accounts for development purposes; amount deposited allowable as deduction.
- Conditions: Amounts must be deposited with NABARD and utilised as per approved scheme.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.