Section 49 — Site Restoration Fund
Old Act equivalent: Section 33ABA of IT Act 1961 Sub-part: D.—Profits and gains of business or profession
Statutory Text
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(1) An assessee carrying on a business of prospecting, extracting, or producing
petroleum or natural gas, or both, in India, and who has an agreement with the Central Government for this business, shall be allowed a deduction on the basis of deposit to special account or site restoration account and computed as per the provisions of the Schedule X. (2) Any amount withdrawn or transferred from the aforesaid accounts at the time of closure or otherwise shall be charged to tax in the year in which the amount is transferred or withdrawn as per the provisions of the Schedule X. (3) Where any asset acquired as per the special scheme, or the deposit scheme, as referred to in Schedule X, is sold or otherwise transferred in any tax year, it shall be charged to tax in accordance with the provisions of the said Schedule. Special provision in case of trade, profession or similar association.
Sub-sections
Sub-section (1)
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(1) An assessee carrying on a business of prospecting, extracting, or producing
petroleum or natural gas, or both, in India, and who has an agreement with the Central Government for this business, shall be allowed a deduction on the basis of deposit to special account or site restoration account and computed as per the provisions of the Schedule X.
Sub-section (2)
(2) Any amount withdrawn or transferred from the aforesaid accounts at the time of closure or otherwise shall be charged to tax in the year in which the amount is transferred or withdrawn as per the provisions of the Schedule X.
Sub-section (3)
(3) Where any asset acquired as per the special scheme, or the deposit scheme, as referred to in Schedule X, is sold or otherwise transferred in any tax year, it shall be charged to tax in accordance with the provisions of the said Schedule. Special provision in case of trade, profession or similar association.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Assessees engaged in extraction or production of petroleum or natural gas.
- Scope: Deposits to Site Restoration Fund for decommissioning of oil/gas facilities.
- Conditions: Must be deposited as per approved scheme; withdrawals for site restoration.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.