7. Section 15 of the principal Act, as amended by Act No. 18 of 1965, is hereby further amended as follows: -
| (A) in sub-section (1) of that section-
| | (a) by the substitution, for paragraph (d) of that sub-section, of the following new paragraph: -
| | | " (d) the amount of any loss which has been incurred in any year preceding the year of assessment in any undertaking referred to in section 6, such loss being computed in the manner referred to in sub-section (1A);"; and |
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| | (b) by the insertion, immediately after para graph (d) of that subsection, of the following new paragraph:-
| | | "(e) in the case of a corporation referred to in section 6, the amount of any loss which that corporation has incurred in any year preceding the year of assessment, such loss being computed in the manner referred to in sub-section (1A) ."; |
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| (B) in sub-section (1A) of that section, by the substitution, for the words "end of the period of six years during", of the words "end of the period during: "; |
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| (C) by the insertion, immediately after sub-section (1A) of that section, of the following new sub-section: -
| | " (1B)
| | | (a) The provisions of sub-section (l)(d) and sub-section (1A) shall have no application to any such undertaking as is referred to in sub-section (1) of section 6 if the person carrying on that undertaking has made a declaration to the Commissioner that the provisions of section 6 should not apply to that undertaking. |
| (b) A declaration made under paragraph (a) in respect of any undertaking may be revoked by the person carrying on that undertaking at any time within the period during which the provisions of sub-section (2) of section 6 would have, but for that declaration, applied to such undertaking and where such declaration is so revoked, the provisions of sub-section (1) (d) and sub-section (1A) shall apply and shall be deemed to have applied to that undertaking as though that declaration had never been made and any assessment already made of the assessable income of that person may be amended by the Assessor notwithstanding the provisions of section 103; and any tax found to have been paid in excess as a result of such amended assessment shall be refunded notwithstanding that the claim for such refund may be made after the expiry of the period of three years prescribed by section 117."; and |
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Sri Lanka Consolidated Acts