(3)The deduction under sub-section (1) shall be allowed only if the following conditions are fulfilled, namely:-(i)the particulars prescribed in this behalf have been furnished by the assessee;(ii)an amount equal to seventy-five per cent. of the development allowance to be actually allowed is debited to the profit and loss account of the relevant previous year and credited to a reserve account to be utilised by the assessee during the period of eight years next following for the purposes of the business of the undertaking, other than-(a)for distribution by way of dividends or profits; or(b)for remittance outside India as profits or for the creation of any asset outside India; and(iii)such other conditions as may be prescribed.
