(3)The deduction under this section shall be allowed only if the following conditions are fulfilled, namely:-(i)the assessee maintains separate accounts in respect of the profits and gains derived from the business of the execution of the foreign project, or, as the case may be, of the work forming part of the foreign project undertaken by him and, where the assessee is a person other than an Indian company or a co-operative society, such accounts have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and the assessee furnishes, alongwith his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant;](ia)[ the assessee furnishes, alongwith his return of income, a certificate in the prescribed form from an accountant as defined in the Explanation below sub-section (2) of section 288, duly signed and verified by such accountant, certifying that the deduction has been correctly claimed in accordance with the provisions of this section;] [ Inserted by Act 27 of 1999, Section 45 (w.e.f. 1.6.1999).](ii)[ an amount equal to ] [Inserted by Act 14 of 1982, Section 18 (w.e.f. 1.4.1983).][such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year] [ Substituted by Act 10 of 2000, Section 32, for " fifty per cent. of profits and gains referred to in sub-Section (1)" (w.e.f. 1.4.2001).][is debited to the profit and loss account of the previous year in respect of which the deduction under this section is to be allowed and credited to a reserve account (to be called the "Foreign Projects Reserve Account") to be utilised by the assessee during a period of five years next following for the purposes of his business other than for distribution by way of dividends or profits; [Inserted by Act 14 of 1982, Section 18 (w.e.f. 1.4.1983).](iii)an amount equal to ] [such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year] [Substituted by Act 10 of 2000, Section 32, for " fifty per cent. of profits and gains referred to in sub-Section (1)" (w.e.f. 1.4.2001).][is brought by the assessee in convertible foreign exchange into India, in accordance with the provisions of the Foreign Exchange Regulation Act, 1973 (46 of 1973), and any rules made thereunder, within a period of six months from the end of the previous year referred to in clause (ii) or, ] [Inserted by Act 14 of 1982, Section 18 (w.e.f. 1.4.1983).][within such further period as the competent authority may allow in this behalf] [ Substituted by Act 27 of 1999, Section 45, for certain words (w.e.f. 1.6.1999).]:[Provided that where the amount credited by the assessee to the Foreign Projects Reserve Account in pursuance of clause (ii) or the amount brought into India by the assessee in pursuance of clause (iii) or each of the said amounts is less than ] [Inserted by Act 14 of 1982, Section 18 (w.e.f. 1.4.1983).][such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year] [ Substituted by Act 10 of 2000, Section 32, for " fifty per cent. of profits and gains referred to in sub-Section (1)" (w.e.f. 1.4.2001).][, the deduction under that sub-section shall be limited to the amount so credited in pursuance of clause (ii) or the amount so brought into India in pursuance of clause (iii), whichever is less.] [Inserted by Act 14 of 1982, Section 18 (w.e.f. 1.4.1983).][Explanation. - For the purposes of clause (iii), the expression "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.] [ Inserted by Act 27 of 1999, Section 45 (w.e.f. 1.6.1999).]
