31. The following new section is hereby inserted immediately after the section 131, and shall have effect as section 131a, of the principal enactment:
| 131A.
| | (1) Any person liable to pay any tax provisions of this Act or the Inland Revenue Act, No. 4 of 1963. may apply to the Commissioner-General to transfer any immovable property owned by such person to the Government In lieu of payment of such tax in cash at such value as. is placed on such property by agreement between such application having regard to the feasibility of managing such property after it is transferred to the Government | | |
| | (2)Where the Commissioner-General allows All application made under subsection (1) and flip amount agreed to in accordance With the provisions of that subsection as the value of the property in respect of "which the application is made exceeds the amount of the tax payable by the applicant., the excess shall be deemed to be a donation, within the meaning of paragraph, (b) of subsection (2) of section 31, made to the Government of Sri Lanka by the applicant. | | |
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Sri Lanka Consolidated Acts