Income Tax Act, 1967.

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PART XXXIV

Repayment

Repayment for interest paid to banks, discount houses, etc.

496.—(1) Where interest payable in the State on an advance from a bank carrying on a bona fide banking business in the State is paid to the bank without deduction of tax out of profits or gains brought into charge to tax, the person by whom the interest is paid shall be entitled, on proof of the facts to the satisfaction of the Special Commissioners, to repayment of tax on the amount of the interest.

(2) A like repayment shall on the like proof be made in the case of interest (not being yearly interest) payable in the State on an advance from a person who in the opinion of the Revenue Commissioners is bona fide carrying on business as a member of a stock exchange in the State or from any person who in the opinion of the said Commissioners is bona fide carrying on the business of a discount house in the State:

Provided that no repayment shall be made unless the Revenue Commissioners are satisfied that the interest has been or will be brought into account in the statement delivered or to be delivered for the purposes of income tax by the person making the advance.