27. The following new heading and new section are hereby Inserted immediately after section 47, and the new section shall have effect as section 47A, of the principal enactment: - Relief on account of approved investments.
| 47A.
| | | (2) Where a person has in any year of assessment made in any approved project or approved projects two or more investments each of which is less than one thousand rupees and is not for the purpose of purchasing an existing investment in an approved project, the aggregate amount of such investments shall, if it is not less than one thousand rupees, be deemed to be one approved, investment for the purposes of this section. | | |
| | (3) Where in any year of assessment a person makes an investment in an approved project, then-
| | | (a) the actual amount of that investment, or |
| (b) an amount representing one-fifth of the assessable income of that person for that year of assessment, or, if that person is a company, an amount representing one-length of the assessable income of 'that company for that year of assessment, or |
| (c) one hundred thousand rupees, whichever amount is the least, shall, for the purposes of subsection (4) of this section, be the permitted allowance in relation to such investment. |
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| | (4) In respect of the year of assessment commencing on the 1st day of April, 1958, and of each of 'the two succeeding years of assessment, a person who has, in the preceding year of assessment, made an approved investment shall, subject to the provisions of section 47B, be entitled, on account of that investment, to such relief from the tax as will secure that the tax payable by him is reduced to the amount which would be payable as the tax if the permitted allowance in relation to that investment were deducted from his statutory income.'. | | |
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Sri Lanka Consolidated Acts