5.
| (1) The following new section is hereby inserted immediately after section 7A, and shall have effect as section 7B, of the principal enactment: -
| | 7B.Where a person carrying on any undertaking to which section 6 or section 7a applies, sells, discards, or otherwise disposes of, or ceases otherwise than by death to be the owner of, any building-constructed by him and used for the purposes of that undertaking or any plant, machinery or fixtures acquired by him and used for the purposes of that undertaking, then the income on which tax is payable by that person shall, notwithstanding anything in section 6 or section 7A, as the case may be, include-
as though a deduction for depreciation has been made under paragraph (h) or paragraph (i) or paragraph (I) or paragraph (m) of subsection (1) of section 10 in respect of the things sold or discarded or otherwise disposed or otherwise ceased to be owned.". | | | (a) an amount ascertained under subsection (3) or subsection (4) of section 10, according as such person has or has not ceased to carry on such undertaking; |
| (b) amounts treated as receipts of that undertaking under paragraph (I) or paragraph (m) of subsection (1) of section 10; and |
| (c) the net capital gains arising from the change of ownership of such building, plant, machinery or fixtures, if that person has ceased to carry on such undertaking, |
|
|
|
| (2) The provisions of the new section 7b inserted in the principal enactment by subsection (1) of this section shall apply in respect of every year of assessment commencing on or after April 1, 1973. |
|
|
Sri Lanka Consolidated Acts