14. Section 29 of the principal enactment amended by Act, No. 16 of 1996 is hereby further amended as follows :
| (1) in subsection (2) of that section-
| | (a) by the substitution in paragraph (a) for all the words and figures from 'For the purposes of this paragraph the term "interest" for any year of assessment commencing on or after April 1, 1996', to the end of that paragraph, of the following words and figures : - | | |
| | (b) in paragraph (b) of that subsection-
| | | (i) by the substitution for the words and figures from, '(b) the amount of a loss (other than "a capital loss,", to "previous year under those Acts,', of the following words and figures :-
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| (ii) commencing on or after April 1, 1997,
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| | (c) by the substitution in sub-paragraph (iii) of the proviso to that paragraph, for the words, "year of assessment in which the losses were incurred." of the words, "in which the losses were incurred;", | | |
| | (d) by the addition, at the end of the proviso to that paragraph, of the following paragraph : "(iv) the balance, if any, of any loss (other than a capital loss, a loss referred to in subsection (7) or in subsection (7A),) incurred in any year of assessment ending on or before March 31,1997, after its deduction, in accordance with the provisions of sub-paragraph, (i) of this paragraph, from the total statutory income for the year of assessment ending on March 31, 1997, shall, for the purposes of sub-paragraph (ii) of this paragraph, be deemed to be a loss incurred in the year of assessment ending on March 31, 1998."; | | |
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| (2) in subsection (3) of that section-
| | (a) by the substitution in paragraph (a), for the words and figures "section 17H, or section 17J, or section 22A", of the words and figures "section 17H, or section 17J, or section 17JJ, or section 22A;"; | | |
| | (b) by the substitution in paragraph (b), for the words, "such entirety or portion shall be deducted from his total statutory income for the next succeeding year of assessment and so on", of the words "such entirety or portion shall be deemed to be a loss incurred- | | |
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| (3) in subsection (4A) of that section, by the addition at the end of that subsection of the following proviso : |
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Sri Lanka Consolidated Acts