(1C)[Where any amount credited to the Special Economic Zone Re-investment Allowance Reserve Account under clause (ii) of sub-section (1A),-(a)has been utilised for any purpose other than those referred to in sub-section (1B), the amount so utilised; or(b)has not been utilised before the expiry of the period specified in sub-clause (i) of clause (a) of sub-section (1B), the amount not so utilised, shall be deemed to be the profits,-(i)in a case referred to in clause (a), in the year in which the amount was so utilised; or(ii)in a case referred to in clause (b), in the year immediately following the period of three years specified in sub-clause (i) of clause (a) of sub-section (1-B), and shall be charged to tax accordingly.]
