Finance Act, 1979
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Amendment of section 319 (extent to which capital allowances to be taken into account) of Income Tax Act, 1967. |
20.— Section 319 of the Income Tax Act, 1967 , is hereby amended by the substitution for subsection (1) of the following subsection: | |
“(1) The capital allowances for any year of assessment shall be taken into account under section 318 (1) only if and so far as they are not required to offset balancing charges for the year; and, where the capital allowances tàken into account are allowances for the year of claim or for the preceding year (the year of loss being the basis year for that year itself, or the claim being made by virtue of section 307 (1AA)), relief shall not be given by reference to those allowances in respect of an amount greater than the amount non-effective in the year for which the claim is, made or, in the case of allowances for the preceding year, the amount non-effective in both years.”. |