29. The following new section is hereby inserted immediately after section 91 of the principal enactment and shall have effect as section 97A of that enactment :-
| 97A. Where an Assessor is of opinion that any transaction between the members of a group of companies which has no economic substance, has resulted in a tax benefit to any member of the group or a loss from any trade or business to one or more of such members, which can be claimed as a deduction under section 29. such transaction shall be disregarded and the relevant persons shall be assessed accordingly. |
|
|
Sri Lanka Consolidated Acts