(7)Where any amount, standing to the credit of the assessee 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 ] [Inserted by Act 32 of 1994, Section 12 (w.e.f. 1.4.1995).][Deposit Account] [ Substituted by Act 32 of 2003, Section 16, for " Tea Deposit Account" (w.e.f. 1.4.2004).][ Substituted by Act 20 of 1967, Section 10, for sub-Section (5) (w.e.f. 1.4.1967).][, which is released during any previous year by the National Bank ] [Substituted by Act 12 of 1990, Section 10, for Section 32-AB (w.e.f. 1.4.1991).][or which is withdrawn by the assessee from the [Deposit Account] [ Inserted by Act 32 of 1994, Section 12 (w.e.f. 1.4.1995).][ Substituted by Act 13 of 1989, Section 7, for sub-Section (10) (w.e.f. 1.4.1989).][for being utilised by the assessee for the purposes of such business in accordance with the scheme ] [Substituted by Act 12 of 1990, Section 10, for Section 32-AB (w.e.f. 1.4.1991).] [or the deposit scheme] [ Inserted by Act 32 of 1994, Section 12 (w.e.f. 1.4.1995).][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:Provided that this sub-section shall not apply in a case where such amount is released during any previous year at the closure of the account in circumstances specified in clauses (b), (c) and (e) of sub-section (3).
