Value-Added Tax Act, 1972
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Consequential adjustments in regard to capital allowances. |
39.—(1) In computing for any of the purposes of Parts XIII to XVIII inclusive of the Income Tax Act, 1967 , or of section 22 of the Finance Act, 1971 , the cost to a person of any machinery and plant or the amount of expenditure incurred by him, no account shall be taken of any amount included in such cost or expenditure for tax in respect of which the person may claim a deduction under section 12. | |
(2) In calculating for any of the purposes of Part XVI of the Income Tax Act, 1967 , the amount of sale, insurance, salvage or compensation moneys to be taken into account in computing a balancing allowance or balancing charge to be made to or on a person, no account shall be taken of the amount of tax (if any) chargeable to the person in respect of those moneys. |