Income Tax Act, 1967.
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Exemption of air raid protection works. |
352.—(1) Exemption shall be granted from tax under Schedule A in respect of any hereditament which is not let in whole or in part and, pursuant to subsection (3) of section 59 of the Air-raid Precautions Act, 1939 , is not rated. | |
(2) Where in ascertaining under the Valuation Acts the valuation of a hereditament which is a mill, factory, or other similar premises, no regard is, pursuant to subsection (2) of section 59 of the Air-raid Precautions Act, 1939 , to be had to any room or other part of such hereditament or to any structural alterations or improvements to such hereditament, the amount of any deduction to be allowed under section 65 shall be increased by an amount equal to one-sixth of the difference between the annual value of such hereditament and the annual value of such hereditament estimated on the basis that regard is to be had to (as the case may be) such room or other part or such structural alterations or improvements. |