(1)[Where an assessee carrying on business of ] [Substituted by Act 12 of 1990, Section 10, for Section 32-AB (w.e.f. 1.4.1991).][growing and manufacturing tea or coffee or rubber] [ Substituted by Act 32 of 2003, Section 16, for " growing and manufacturing tea" (w.e.f. 1.4.2004).][in India has, before the expiry of six months from the end of the previous year or before ] [Substituted by Act 12 of 1990, Section 10, for Section 32-AB (w.e.f. 1.4.1991).][the due date of furnishing the return of his income] [ Substituted by Act 32 of 2003, Section 16, for certain words (w.e.f. 1.4.2004).], [whichever is earlier,-(a)deposited with the National Bank any amount or amounts in an account (hereafter in this section referred to as the special account) maintained by the assessee with that Bank in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme)] [approved in this behalf by the Tea Board or the Coffee Board or the Rubber Board] [Substituted by Act 32 of 2003, Section 16, for certain words (w.e.f. 1.4.2004).]; or(b)[deposited any amount in an account (hereafter in this section referred to as the Deposit Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in this section referred to as the deposit scheme), with the previous approval of the Central Government,] [Substituted by Act 32 of 2003, Section 16, for certain words (w.e.f. 1.4.2004).][the assessee shall, subject to the provisions of this section,] [Substituted by Act 32 of 1994, Section 12, for certain words (w.e.f. 1.4.1995).][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-(a)a sum equal to the amount or the aggregate of the amounts so deposited; or(b)[a sum equal to forty per cent.] [ Substituted by Act 14 of 2001, Section 22, for " a sum equal to twenty per cent. of the profits" (w.e.f. 1.4.2002).] [of the profits of such business (computed under the head "Profits and gains of business or profession" before making any deduction under this section), whichever is less: [Substituted by Act 12 of 1990, Section 10, for Section 32AB (w.e.f. 1.4.1991).]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:Provided further that where any deduction, in respect of any amount deposited in the special account,] [Substituted by Act 12 of 1990, Section 10, for Section 32-AB (w.e.f. 1.4.1991).] [or in the [Deposit Account] [ Inserted by Act 32 of 1994, Section 12 (w.e.f. 1.4.1995).][Substituted by Act 32 of 1994, Section 12, for certain words (w.e.f. 1.4.1995).] [has been allowed under this sub-section in any previous year, no deduction shall be allowed in respect of such amount in any other previous year.
