Finance Act, 1972
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Amendment of sections 246 and 251 of Income Tax Act, 1967. |
42.—(1) Section 251 (4) of the Income Tax Act, 1967 (inserted by the Finance Act, 1968 ) is hereby amended by the substitution of the following paragraphs for paragraphs (b) and (c): | |
“(b) in relation to capital expenditure incurred on or after the 1st day of April, 1967, and before the 1st day of April, 1968, as if one-half’ were substituted for ‘one-fifth’ in subsection (1), | ||
(c) in relation to capital expenditure incurred on or after the 1st day of April, 1968, and before the 1st day of April, 1971, as if ‘three-fifths’ were substituted for ‘one-fifth’ in subsection (1), and | ||
(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, and before the 1st day of April, 1973, as if ‘five-fifths’ were substituted for ‘one-fifth’ in subsection (1).”. | ||
(2) Section 246 of the Income Tax Act, 1967 , is hereby amended by the insertion in subsection (1) after “Part XV” of “other than an initial allowance made by virtue of section 251 (4) (d) of this Act”. |