Conditiond :- The assessee must satisfy the following conditions
1. The taxpayer is engaged in the business of the prospecting for or extraction or production of petroleum or natural gas or both in India .
2. The central government has entered in to an agreement with the taxpayer for such business.
3. It must-
a Deposit with SBI any amount in an account (here in after referred to as special account) maintained by the assessee with that bank in accordance with and for the purpose specified in a scheme approved by the Government of indiain the Minisry of petroleum and naturak gas
b Deposit any amount in an account (herein after referred to as site restoration account) opened by the assessee in accordance with and for the purpose specified in a scheme framed by the ministry of petroleum and natural gas (herein after referred to deposit scheme).
4. The aforesaid amount shall be deposited before the end of the previous year.
5. The aforesaid amount shall be audited by a charactered accountant and the report of the auditor is filed along with the return of the relevant assessment year . In cases where the accoubts of the taxpayer are required to be audited under that law and the audit report as per that law is furnished with the return along with a further report in the form prescribed for the purpose of this provision .