53.
| (1) For the purpose of ascertaining the profits from an estate, the succeeding provisions of this section shall apply in addition to, and shall be read with, Chapter II. |
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| (2) There shall be deducted for the purposes of ascertaining the profits from an estate for any year of assessment-
| | (a) the cost of the maintenance of any immature area in the estate, and | | |
| | (b) all expenses incurred by the owner in replanting the whole or any portion of the estate with palms, trees or bushes of a more or less permanent character for the purpose of producing coconut, rubber, tea, cocoa and other products, including the cost of clearing and preparing the land for such replanting. | | |
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| (3) In this section-
| | (a) " estate" means any area of land used mainly for the purposes of permanent cultivation; | | |
| | (b) " immature area " means an estate or part of an estate first planted in a particular year, in which the trees planted in that year are not fully mature, or not in full bearing. | | |
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Sri Lanka Consolidated Acts