Finance Act, 1973
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Amendment of section 117 of Income Tax Act, 1967. |
41.— Section 117 of the Income Tax Act, 1967 , is hereby amended by the addition of the following subsections: | |
“(7) Where expense is incurred by a person connected with a body corporate, being expense which if incurred by the body corporate would be expense of the kind mentioned in paragraph (a) of subsection (1), the body corporate shall be deemed, for the purposes of this section, to have incurred the expense and the provisions of subsection (1) shall apply accordingly in relation to any person, being a director or employee of the body corporate, in respect of whom the expense was incurred. | ||
(8) A person shall be regarded as connected with a body corporate for the purposes of subsection (7), if that person is— | ||
(a) a trustee of a settlement, within the meaning of section 447, made by the body corporate, or | ||
(b) a body corporate, | ||
and that person would be regarded as connected with the body corporate for the purposes of section 16 of the Finance (Miscellaneous Provisions) Act, 1968 .”. |