Section 48 — Tea development account, coffee development account and rubber development account

(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(2) Any amount withdrawn or utilised or released from the aforesaid accounts at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.

Related sections

Section 13 — Heads of income
Section 14 — Income not forming part of total income and expenditure in relation to such income
Section 15 — Salaries
Section 16 — Income from salary
Section 17 — Perquisite
Section 18 — Profits in lieu of salary
Section 19 — Deductions from salaries
Section 20 — Income from house property
Section 21 — Determination of annual value
Section 22 — Deductions from income from house property
Section 23 — Arrears of rent and unrealised rent received subsequently
Section 24 — Property owned by co-owners
Section 25 — Interpretation
Section 26 — Income under head “Profits and gains of business or profession”
Section 27 — Manner of computing profits and gains of business or profession
Section 28 — Rent, rates, taxes, repairs and insurance
Section 29 — Deductions related to employee welfare
Section 30 — Deduction on certain premium
Section 31 — Deduction for bad debt and provision for bad and doubtful debt
Section 32 — Other deductions
Section 33 — Deduction for depreciation
Section 34 — General conditions for allowable deductions
Section 35 — Amounts not deductible in certain circumstances
Section 36 — Expenses or payments not deductible in certain circumstances
Section 37 — Certain deductions allowed on actual payment basis only
Section 38 — Certain sums deemed as profits and gains of business or profession
Section 39 — Computation of actual cost
Section 40 — Special provision for computation of cost of acquisition of certain assets
Section 41 — Written down value of depreciable asset
Section 42 — Capitalising impact of foreign exchange fluctuation
Section 43 — Taxation of foreign exchange fluctuation
Section 44 — Amortisation of certain preliminary expenses
Section 45 — Expenditure on scientific research
Section 46 — Capital expenditure of specified business
Section 47 — Expenditure on agricultural extension project and skill development project
Section 49 — Site Restoration Fund
Section 50 — Special provision in case of trade, profession or similar association
Section 51 — Amortisation of expenditure for prospecting certain minerals
Section 52 — Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc
Section 53 — Full value of consideration for transfer of assets other than capital assets in certain cases
Section 54 — Business of prospecting for mineral oils
Section 55 — Insurance business
Section 56 — Special provision in case of interest income of specified financial institutions
Section 57 — Revenue recognition for construction and service contracts
Section 58 — Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
Section 59 — Computation of royalty and fee for technical services in hands of non-residents
Section 60 — Deduction of head office expenditure in case of non-residents
Section 61 — Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
Section 62 — Maintenance of books of account
Section 63 — Tax audit
Section 64 — Special provision for computing deductions in case of business reorganisation of co-operative banks
Section 65 — Interpretation for purposes of section 64
Section 66 — Interpretation
Section 67 — Capital gains
Section 68 — Capital gains on distribution of assets by companies in liquidation
Section 69 — Capital gains on purchase by company of its own shares or other specified securities
Section 70 — Transactions not regarded as transfer
Section 71 — Withdrawal of exemption in certain cases
Section 72 — Mode of computation of capital gains
Section 73 — Cost with reference to certain modes of acquisition
Section 74 — Special provision for computation of capital gains in case of depreciable assets
Section 75 — Special provision for cost of acquisition in case of depreciable asset
Section 76 — Special provision for computation of capital gains in case of Market Linked Debenture
Section 77 — Special provision for computation of capital gains in case of slump sale
Section 78 — Special provision for full value of consideration in certain cases
Section 79 — Special provision for full value of consideration for transfer of share other than quoted share
Section 80 — Fair market value deemed to be full value of consideration in certain cases
Section 81 — Advance money received
Section 82 — Profit on sale of property used for residence
Section 83 — Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
Section 84 — Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
Section 85 — Capital gains not to be charged on investment in certain bonds
Section 86 — Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
Section 87 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
Section 88 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
Section 89 — Extension of time for acquiring new asset or depositing or investing amount of capital gains
Section 90 — Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
Section 91 — Reference to Valuation Officer
Section 92 — Income from other sources
Section 93 — Deductions
Section 94 — Amounts not deductible
Section 95 — Profits chargeable to tax