14. Section 29 of the principal enactment as amended by Act, No. 24 of 1997 is hereby further amended as follows :-
| (1) in paragraph (b) of subsection (2) of that section"
| | (a) in item (ii) (a) of that paragraph by the substitution for the words and figures "subsection (7A), a loss referred to in paragraph (b) of, of the words and figures "subsection (7A), subsection (7B), a loss referred to in paragraph (b) of "; and | | |
| | (b) in item (iv) of the proviso to paragraph (b) of that section by the substitution, for the words and figures "subsection (7) or in subsection (7A), incurred", of the words and figures "subsection (7), subsection (7A) or subsection (7B) incurred"; | | |
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| (2) in subsection (3) of that section by the substitution in paragraph (b), of that subsection, for all the words and figures from "such entirety or portion shall be" to "the manner provided for in paragraph (b) of subsection (2)", of the following :" |
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| (3) by the insertion immediately after subsection (7A) of that section of the following subsection :"
| | "(7B) There shall be deducted from the total statutory income of a person for any year of assessment commencing on or after April 1, 1997, where such income includes profits and income from any business of leasing, any loss for any year of assessment commencing on or after April 1, 1997 incurred from the business of leasing which if it had been a profit would have been assessable under this Act, and which has not been so deducted from his total statutory income of a previous year ; | | |
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Sri Lanka Consolidated Acts