7. Section 29 of the principal enactment is hereby amended as follows :
| (1) in subsection (3) of that section by the substitution, in paragraph (a) thereof, for the expression " under section 16 of this Act", of the expression " under section 16, or section 16A, or section 22A, or section 22B, or section 22c, or section 22D, or section 22DD of this Act" ; and |
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| (2) by the insertion, immediately after subsection (4) of that section, of the following subsection:
| | ' (4A) In computing the assessable income of a person carrying on an undertaking referred to in section 16B or in paragraph (a) or paragraph (b) of subsection (1) of section 20, for the year of assessment in the course of which the exempt period ends, there shall be deducted the total of the losses incurred during the exempt period after deducting there from the aggregate of
| | | (i) such profits and income of that undertaking as were exempt from income tax for any accounting period succeeding that in which such loss was incurred; and |
| (ii) such part of such losses incurred in that undertaking as were deducted from the total statutory income of that person under paragraph (b) of subsection (2). |
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Sri Lanka Consolidated Acts