15. Section 52 of the principal enactment is hereby amended as follows:-
| (1) by the repeal of subsection (4) of that section and the substitution therefor, of the following new subsection: -
| | "(4) The statutory income of any partner from the partnership shall be computed in accordance with the provisions of section 12 by treating his share of the divisible profit of the partnership as though it were profits of a trade, business, profession, vocation, or employment carried on or exercised by him. and his share of other income as though it accrued to him solely: | | |
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| (2) by the addition, at the end of that section, of the following new subsection: -
| | "(10) Where for any year of assessment the statutory income of any person who is a partner in a partnership includes his share of the divisible profits of the partnership and the tax payable by that person is in default. such part of the tax in default as is in the opinion of the Commissioner, attributable to his share of such divisible profits may be recovered out of the assets of the partnership and accordingly, for the purposes of section 110, the assets of the partnership shall be deemed to be the assets of the partner: | | |
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Sri Lanka Consolidated Acts