8. Section 15 of the principal enactment is hereby amended as follows : -
| (1) in subsection (1) of that section, by the substitution, for paragraph (d) of that subsection, of the following new paragraph:-
| | " (d) the amount of any loss which has been incurred in any year preceding the year of assessment in any undertaking referred to in section 6 or section 6B or section 6c or section 6E, such loss being computed and deducted in the manner specified, as the case may be, in subsection (1A)or subsection (1C);"; and | | |
|
|
| (2) by the insertion, immediately after subsection (1B) of that section, of the following new subsection: -
| | " (1c)
| | | (a) Notwithstanding anything to the contrary in this section any loss incurred in any undertaking referred to in section 6c by any person carrying on that undertaking in any year of assessment from the date of commencement of that undertaking up to March 31, 1983, shall be deductible only from such part of the total statutory income of that person for any year of assessment commencing prior to April 1, 1984, as constitutes the statutory income of that person from that undertaking: |
| (b) For the purposes of the deduction of any loss of any undertaking referred to in section 6B or section 6c or in section 6E in computing the assessable income of the person carrying on that undertaking for the year of assessment commencing on April 1, 1984, such loss shall be the total of the losses incurred in that undertaking in any year of assessment commencing prior to April 1, 1984, during which such person carried on that undertaking, after deducting therefrom the aggregate of-
|
| (c) Where the loss referred to in paragraph (b) or part thereof cannot be deducted from the total statutory income for the year of assessment commencing on April 1, 1984, such loss or such part of such loss shall be deducted from the total statutory income of the next year of assessment and so on.". |
|
|
|
|
Sri Lanka Consolidated Acts