Section 33AB Tea Development Account [Coffee Development Account and Rubber Development Account]

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The Tax Publishers [1][33AB. Tea Development Account [2][Coffee Development Account and Rubber Development Account]. (1) Where an assessee carrying on business of growing and manufacturing tea [3][or coffee or rubber] in India has, before the expiry of six months from the end of the previous year or before [4][the due date of] furnishing the return of his income, [5][whichever is earlier, (a) deposited with the National Bank any amount or amounts in an account (hereinafter 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 Tea Board [6][or the Coffee Board or the Rubber Board]; or (b) [7][deposited any amount in an account (hereafter in this section referred to as the Deposit Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in this section referred to as the deposit scheme), with the previous approval of the Central Government,] 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) a sum equal to the amount or the aggregate of the amounts so deposited; or (b) [8][a sum equal to forty 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, [9][or in the [10][* * *] Deposit 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. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][33AB. Tea Development Account [2][Coffee Development Account and Rubber Development Account].

(1) Where an assessee carrying on business of growing and manufacturing tea [3][or coffee or rubber] in India has, before the expiry of six months from the end of the previous year or before [4][the due date of] furnishing the return of his income, [5][whichever is earlier,

(a) deposited with the National Bank any amount or amounts in an account (hereinafter 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 Tea Board [6][or the Coffee Board or the Rubber Board]; or

(b) [7][deposited any amount in an account (hereafter in this section referred to as the Deposit Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in this section referred to as the deposit scheme), with the previous approval of the Central Government,]

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) a sum equal to the amount or the aggregate of the amounts so deposited; or

(b) [8][a sum equal to forty 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, [9][or in the [10][* * *] Deposit 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.