11.
| (1) Subject to the provisions of sub-section (2) and sub-section (3), for the purposes of this Act, the valuation date-
| | (a) in respect of an immovable property of any person-
| | | (i) which was owned by him on March 31, 1971, and was acquired by him on or before March 31, 1970, shall be March 31, 1970, and |
| (ii) which was owned by him on March 31, 1971, and was acquired on or after April 1, 1970, shall be March 31, 1971; and |
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| | (b) in respect of a movable property of any person-
| | | (i) which consists of shares, shall be March 31, 1970, if such property was acquired on or before that date and was owned by him on March 31, 1971, or March 31, 1971, if such property was acquired on or after April 1 1970; and |
| (ii) which does not consist of shares, shall be March 31, 1971. |
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| (2) Where any person dies on or after April 1, 1971, but before the date of the commencement of this Act, then, for the purposes of this Act, the valuation date in respect of his property, whether movable or immovable, shall be the date of his death. |
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| (3) Where on March 31, 1971, the value of any immovable property forming part of the capital of any person and acquired by him on or before March 31 , 1970,-
the amount by which the value has so increased or decreased shall be added to or subtracted from its value on March 31, 1970.
| | (a) is more than the value of that property on the latter date by reason of any improvements, additions or alterations made to that property, or | | |
| | (b) is less than the value of that property on the latter date by reason of any damage caused to that property or the destruction or demolition of any building on that property, | | |
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| (4) For the purposes of sub-section (3) the burden of proving that the value of any immovable property has decreased after March 31, 1970, shall be on the person who asserts it. |
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Sri Lanka Consolidated Acts