Section 49 — Site Restoration Fund

(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(2) Any amount withdrawn or transferred from the aforesaid accounts at the time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transferred or withdrawn as per the provisions of the Schedule X.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.