(7)Where any amount, standing to the credit of the assessee in the special account or in the Site Restoration Account, which is released during any previous year by the State Bank of India or which is withdrawn by the assessee from the Site Restoration Account for being utilised by the assessee for the purposes of such business in accordance with the scheme or the deposit scheme is not so utilised, either wholly or in part, within that previous year, the whole of such amount or, as the case may be, part thereof which is not so utilised shall be deemed to be profits and gains of business and accordingly chargeable to income-tax as the income of that previous year.] [Inserted by Act 11 of 1987, Section 7 (w.r.e.f. 1.4.1987).][* * *] [ Proviso omitted by Act 27 of 1999, Section 13 (w.e.f. 1.4.1999).]
