Finance Act, 1925
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Declaration as to effect of section 69 of Local Government Act, 1925. |
15.—To remove doubts it is hereby declared and enacted that so much of section 69 of the Local Government Act, 1925 (No. 5 of 1925), as enacts that for the purposes of the assessment and levying of certain rates the valuation of certain buildings under the Valuation Acts shall be deemed to have been reduced by two-thirds does not and shall not apply to or operate to reduce the annual value with reference to which the tax in respect of such buildings under Schedules A and B of the Income Tax Act, 1918, is to be ascertained, and it is hereby further declared and enacted that, notwithstanding the said section 69 but without prejudice to the proviso to sub-section (1) of section 187 of the Income Tax Act, 1918, the annual value of such buildings shall for the purposes of the ascertainment of the said tax be taken to be the full amount of the valuation thereof for the time being in force under the Valuation Acts. |