11. Section 29 of the principal enactment, as amended by Act No. 24 of 1980, is hereby further amended in subsection '(6) 'of that section; as follows:
| (1) by the substitution in paragraph (b) that subsection, , for all ,the words" his share of the capital of such business or company", to the end of that paragraph, of the following:, |
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| (2) by the insertion, immediately after sub-paragraph (ii) of paragraph (d) of that subsection, of the following new sub-paragraphs:
| | " (iii) Where a company is liquidated and such company has any capital loss for the last year of assessment for which it was liable to be assessed for income tax, the amount of such capital loss shall, as far as practicable, be deducted from the statutory income from all sources of such company for such last year of assessment, and, if it cannot hoe so deducted, from the statutory income from all sources of such company for any of the three years of assessment in order of recession immediately preceding such last year of assessment. | | |
| | (iv) Where a deduction is made from the statutory income of any company for any year of assessment under paragraph (iii), the tax for that year of assessment in respect of such company shall, notwithstanding the provisions 'Of section 123, be revised, 'taking into consideration such deduction, and the difference between the amount of the tax paid by such company in respect of that year of assessment and the amount of the revised tax for that year of assessment shall be refunded. ". | | |
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Sri Lanka Consolidated Acts