124.
| (1) Any person from whose interest, income tax is deductible by a bank or financial institution, in accordance with the provisions of section 122, may, if the amount of income tax payable by him for any year of assessment is less than the income tax deductible for that year of assessment under section 122. make an application to the Commissioner-General in such form, and containing such particulars, as may be specified by the Commissioner-General that a direction be issued to that bank or financial institution to make the necessary adjustments in the deduction of income tax for that year of assessment. |
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| (2) The Commissioner-General or any officer authorized by the Commissioner-General may. on an application, made by any person under subsection (1) issue to the bank or financial institution specified in such application, the necessary direction in writing (a copy of which shall be issued to the applicant) and such bank or financial institution shall deduct income tax from the interest payable to such person in accordance with such direction : |
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| (3) Any person who is dissatisfied with a direction issued under this section in respect of any year of assessment may. within a period of thirty days after the date of such direction. appeal to the Commissioner-General in writing setting out precisely the grounds of such appeal. The Decision of the Commissioner-General on any such appeal shall be final and conclusive : |
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| (4) Every bank or financial institution shall
| | (a) Keep a proper record of the interest paid to any person in any year of assessment and the date or dates on which such interest is paid in such manner as may be specified by the Commissioner - General and | | |
| | (b) permit any officer authorized in Writing by the Commissioner-General to inspect any record maintained by it and referred to in paragraph (a). | | |
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Sri Lanka Consolidated Acts