(1)Subject to the other provisions of this section, where an assessee, whose total income includes income chargeable to tax under the head "Profits and gains of business or profession", has, out of such income,-(a)deposited any amount in an account (hereafter in this section referred to as deposit account) maintained by him with the Development Bank before the expiry of six months from the end of the previous year or before furnishing the return of his income, whichever is earlier; or(b)utilised any amount during the previous year for the purchase of any new ship, new aircraft, new machinery or plant, without depositing any amount in the deposit account under clause (a),in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme) to be framed by the Central Government, or if the assessee is carrying on the business of growing and manufacturing tea in India, to be approved in this behalf by the Tea Board, the assessee shall 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]-(i)a sum equal to the amount, or the aggregate of the amounts, so deposited and any amount so utilised; or [Inserted by Act 23 of 1986, Section 8 (w.e.f. 1.4.1987).](ii)a sum equal to twenty per cent. of the profits of [* * *] [ Certain words omitted by Act 13 of 1989, Section 7 (w.r.e.f. 1.4.1991).][business or profession as computed in the accounts of the assessee audited in accordance with sub-section (5), whichever is less:] [Inserted by Act 23 of 1986, Section 8 (w.e.f. 1.4.1987).][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: ] [ Inserted by Act 11 of 1987, Section 7 (w.r.e.f. 1.4.1987).][Provided further that no such deduction shall be allowed in relation to the assessment year commencing on the 1st day of April, 1991, or any subsequent assessment year.] [ Inserted by Act 12 of 1990, Section 8 (w.e.f. 1.4.1990).]
