Finance Act, 1975
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Amendment of section 264 of Income Tax Act, 1967. |
5.— Section 264 of the Income Tax Act, 1967 , is hereby amended— | |
(a) in relation to capital expenditure incurred on or after the 16th day of January, 1975, and before the 1st day of April, 1977, by the substitution in subsection (1) of “one-twentyfifth” for “one-fiftieth”in each place where it occurs, and | ||
(b) by the substitution for the proviso to subsection (3) of the following proviso: | ||
“Provided that— | ||
(i) in relation to a building or structure the capital expenditure on the construction of which has been incurred on or after the 1st day of January, 1960, and which falls to be regarded as an industrial building or structure within the meaning of section 255 (1) by reason of its use for a purpose specified in paragraph (c) or (d) of that subsection, this Part shall have effect as if ‘tenth year’ were substituted for ‘fiftieth year’ in the foregoing provisions of this subsection, and | ||
(ii) in relation to a building or structure the capital expenditure on the construction of which has been incurred on or after the 16th day of January, 1975, and before the 1st day of April, 1977, and which falls to be regarded as an industrial building or structure within the meaning of section 255 (1) by reason of its use for a purpose specified in paragraph (a) or (b) of that subsection, this Part shall have effect as if ‘twentyfifth year’ were substituted for ‘fiftieth year’ in the foregoing provisions of this subsection.”. |