72. An executor of a deceased person shall be liable to do all such acts, matters and things as such deceased person would be liable to do under this Act if he were alive, and shall be chargeable with income tax, with which such deceased person would be chargeable if he were alive in respect of all periods prior to the date of the death of such person: Provided that-
| (a) no proceedings shall be instituted against the executor under the provisions of Chapter XXIX of this Act, in respect of any act or default of the deceased person; |
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| (b) no assessment or additional assessment in respect of a period prior to the date of such person's death shall be made after the expiry of the third year of assessment subsequent to the year of assessment in which probate or letters of administration, as the case may be , was issued to the executor in respect of the estate of such person, except where there has been non-assessment or under-assessment by reason of fraud or wilful evasion by such person, or by reason of an incorrect statement by the executor of his estate, in which case an assessment or additional assessment may be made at any time after the expiry of the aforesaid third year of assessment; and |
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| (c) the liability of an executor under this section shall be limited to the aggregate of-
| | (i) the deceased person's estate in his possession or control at the date when notice is given to him that liability to tax will arise under this section ; and | | |
| | (ii) any part of the estate which may have passed to a heir or other person having any interest in such estate. | | |
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Sri Lanka Consolidated Acts