49.
| (1) The value of any immovable property for any year of assessment shall be its market value on the first day of that year of assessment. |
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| (2) The value of any movable property, other than cash. which constitutes wealth shall be computed in accordance with the following provisions: -
| | (a) the value of any movable property for any year of assessment shall be its market value on the first day of that year of assessment; | | |
| | (b) where the movable property consists of shares (not being preference shares) in any company which by its articles restricts the right to transfer its shares or which is a company in which more than half of the total shares issued is held by not more than five persons, their wives or minor children, either directly or through nominees, and the Commissioner-General is satisfied that the shares have not, at any time during the year of assessment, been quoted in the official list of a recognized stock exchange or in a list of a like nature issued in Sri Lanka by any association of brokers approved by the Secretary to the Treasury for the purpose of this paragraph, the value of such share shall, if the Commissioner-General so directs be ascertained not in the manner provided by the preceding provisions of this subsection but by reference to the market value of all the assets of the company as a going concern, including goodwill, on the first day of the year of assessment after deducting therefrom -
| | | (i) the par or redemption value, whichever is the greater, of any debentures, debenture stock and preference shares of the company; |
| (ii) all debts of the company incurred or created bona fide for consideration in money or money's worth ; |
| (iii) such sum as on a just and fair computation represents any future or contingent liabilities of the company or any liabilities thereof which are uncertain in amount; and |
| (iv) the amount of any reserve fund separately in vested which is bona fide intended to be applied in payment of pensions to employees or otherwise used for the benefit of them or their dependants or relatives, and in no other manner. |
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| (3) The value of any property which is subject to a life interest shall be determined as if such life interest did not subsist. |
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| (4) Where any person is carrying on a business in respect of which accounts are maintained by him regularly, the Commissioner-General may, instead of determining separately the value of each property held by such person in such business and goodwill, determine the net value as a whole of the properties held by such person in such business and goodwill. |
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| (5) Where the value of any property is, according to the preceding provisions of this section, an amount equal to Its market value, then, if such market value cannot be ascertained because such property is not saleable in the open market, the value of such property shall be determined in the prescribed manner. |
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Sri Lanka Consolidated Acts