Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsAmendment of section 89 of the principal enactment
| 22. Section 89 of the principal enactment, as replaced by Act No. 24 of 1980, is hereby amended by the insertion at the end of that section, of the following proviso: Provided that the provisions of paragraphs (b) and (c) of this section shall not be applicable if the sum realized is in respect of a capital asset which is replaced, and in such event the deduction for depreciation in accordance with the provisions of paragraph (e) of subsection (1) of section 23, shall be computed on the cost of replacement of such capital asset less the amount realized under a contract of Insurance." |