|
|
Amendment of Rule 6 of Rules applicable to Cases I and II of Schedule D of Income Tax Act, 1918.
|
3.—Paragraph (1) of Rule 6 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, is hereby amended by the addition of the following proviso :
|
|
| |
“Provided that where a person is carrying on a trade which consists of or includes the working of a mine or quarry or the smelting of ore, the deduction to be allowed under this paragraph in respect of machinery or plant belonging to him and used in connection with the working of the mine or quarry or the smelting of the ore shall, if the person so elects, be such sum as is considered just and reasonable having regard to the period at the expiration of which the mine or quarry is likely to cease to be worked or the smelting of ore is likely to be discontinued and the probable value of the machinery or plant at the expiration of that period to the person carrying on the trade.”
|
