6.
| (1) Section 10 of the principal enactment, as amended by Act No. 26 of 1968, is hereby further amended as follows: -
| | (a) in subsection (1) of that section-
| | | (i) by the substitution, for paragraph (i) of that subsection, of the following new paragraph: -
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| (ii) by the substitution, for paragraph (m) of that subsection, of the following new paragraph:-
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| | (b) by the substitution, for subsection (3) of that section, of the following new subsection: -
| | | "(3) Where any person sells, discards, otherwise disposes of. or otherwise ceases to be the owner of, any plant, machinery or fixtures acquired by him after March 31. 1957, or such specified day as is referred to in subsection (2), and used in. producing the income from any trade, business, profession, vocation, or employment carried on or exercised by him, or any buildings constructed after March 31, 1957, or such specified day as is referred to in sub-section (2), which is-
and the sale or discard or other disposal or other cessation of ownership occurs when or after he ceases to carry on or exercise such trade, business, profession, vocation, employment or undertaking, and a deduction for depreciation has been, made under paragraph (A), or paragraph (i) of subsection (1) in respect of the things sold or discarded or otherwise disposed of or otherwise ceased to be owned, then, if the sale or discard or other disposal or other cessation of ownership is before the expiry of the period of likely use by reference to which the deduction for depreciation was determined, such part of the amount deducted for depreciation as is in the opinion of the Commissioner attributable to the unexpired part of such period shall be added to the profits or income of such person as a receipt of such trade, business, profession, vocation, employment or undertaking": |
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| | (c) by the -substitution, for subsection (4) of that section, of the following new subsection: -
| | | " (4) Where any person sells, discards, otherwise disposes of, or otherwise ceases to be the owner of, any plant, machinery or fixtures acquired by him after March 31.1957, or such specified day as is referred to in subsection (2), and used in producing the income from any trade, business, profession, vocation or employment carried on or exercised by him, or any building constructed after March 31, 1957,or such specified day as is referred to in subsection (2), which is-
and the sale or discard or other disposal or other cessation of ownership occurs without his ceasing to carry on or exercise such trade, business, profession, vocation, employment or undertaking, and a deduction for depreciation has been made under paragraph (h) or paragraph (i) of subsection (1) in respect of the thing sold or discarded or otherwise disposed of. or otherwise ceased to be owned, then-
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| | (d) by the addition, at the end of that section, of the following new subsection: -
| | | " (9) No deduction under subsection (1) (a) or (1) (h) or (1) (i) or depreciation by wear and tear or under subsection (1) (j) for any sum expended for renewal shall be allowed to any person in respect of any building, plant, machinery or fixtures constructed or acquired by him if-
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| (2) The amendment made in the principal enactment-
| | (a) by sub-paragraph (i) of paragraph (a), paragraph (b), paragraph (c) and paragraph (d) of subsection (1) of this section shall apply in respect of every year of assessment commencing on or after April l, 1973; and | | |
| | (b) by sub-paragraph (ii) of paragraph (a) of subsection (1) of this section shall be deemed to have come into force on June 16, 1968, | | |
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Sri Lanka Consolidated Acts