Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsProvisions applicable where the profits and income of a company are appropriated by the director etc. of that company
| 40. Where the profits and income of a company for any year of assessment or any part of such profits and income are appropriated by any director, manager, shareholder or executive officer of that company, such profits and income or such part of such profits and income shall form part of the profits and income for that year of assessment of the person by whom such profits or income or part thereof are appropriated and shall be assessable accordingly and, the Commissioner-General may, taking into account all the circumstances of the case, deduct such profits and income or part thereof under section 23 (1) for the purposes of ascertaining the profits and income of that company for that year of assessment. |