Finance Act, 1957
|
Provisions relating to Rules 6 (1) (6) and 7 of Rules applicable to Cases I and II of Schedule D. |
18.—(1) For the purposes of ascertaining the amount of any deduction to be allowed to any person under paragraph (1) of Rule 6 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, as amended by section 24 of the Finance Act, 1956 (No. 22 of 1956), as representing the diminished value by reason of wear and tear during the year of assessment of any ship, no account shall be taken of a shipping investment allowance in determining the value of the ship at the commencement of the year. | |
(2) In paragraph (6) of Rule 6 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, the expression “the deductions allowed on that account for any previous years to the person by whom the trade is carried on”, and the expression “the deductions” where that expression occurs before the word “exceed”, shall each be construed as not including a reference to any shipping investment allowance made to the person by whom the trade is carried on. | ||
(3) Rule 7 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, shall be taken as not requiring a deduction of any shipping investment allowance from the cost of any ship for the purposes of that Rule. |