10. The following new sections are hereby inserted, immediately after section 17KK, and shall have effect as section 17L, and section 17M respectively, of the principal enactment:"
| 17L. The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income from the sale of capital assets), of any person or partnership from any undertaking for the provision of services of refrigerated transport or cold-room-storage or other services ancillary thereto, shall be exempt from income tax for a period of five years reckoned from"
| | | (b) the commencement of the year of assessment in which such undertaking commences to carry on business, | | |
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| 17M
| | (1) The profits and income within the meaning of paragraph (a) of section 3 (other than any profits and income from the sale of capital assets), of any company from any specified undertaking referred to in subsection (2) shall notwithstanding the provisions of section 32DDDD be exempt from income tax for a period of ten years reckoned from -
| | | (b) the commencement of the year of assessment in which such company commences to carry on business, |
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| | (2) For the purposes of subsection (1) "specified undertaking" in relation to any company is an undertaking carried on by such company and which is engaged in"
| | | (a) cultivating land with plants of whatever description other than tea, rubber and coconut; or |
| (b) the production of planting materials certified by the Department of Agriculture as being of high quality, for cultivation referred to in paragraph (a) ; or |
| (c) carrying out research work for improving the quality and character of planting materials for cultivation of land referred to in paragraph (a)'. |
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Sri Lanka Consolidated Acts