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Deductions of and assessments to income tax.
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5.—(1) A deduction made before the passing of this Act in respect of the income tax for the year beginning on the 6th day of April, 1954, which would have been a lawful deduction if No. 1 of the Financial Resolutions to which this Act applies had been in force and had had statutory effect when the deduction was made, shall be and be deemed always to have been a lawful deduction.
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(2) An assessment made before the passing of this Act to income tax for the year beginning on the 6th day of April, 1954, which would have been a lawful and valid assessment if No. 1 of the Financial Resolutions to which this Act applies had been in force and had had statutory effect when the assessment was made, shall be and be deemed always to have been a lawful and valid assessment.
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