9.
| (1) The value of any immovable property which constitutes wealth shall be computed in accordance with the following provisions: -
| | (a) Where any immovable property was acquired before April 1, 1957, its value for the year of assessment commencing on April 1, 1959, shall be an amount equal to the aggregate of its market value on March 31, 1957, and the cost of improvements and additions made to it after March 31, 1957. | | |
| | (b) Where any immovable property was acquired on or after April 1, 1957, its value for the year of assessment commencing on April 1, 1959, shall-
| | | (i) if it was acquired by purchase, be an amount equal to the aggregate of the cost of its purchase and the cost of improvements and additions made to it after its purchase, and |
| (ii) if it was acquired otherwise than by purchase, be an amount equal to the aggregate of its market value on the date of its acquisition and the cost of improvements and additions made to it after its acquisition. |
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| | (c) The value of any immovable property for any year of assessment commencing on or after April 1, 1960, shall be its market value on the valuation date. | | |
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| (2) The value of any movable property, other than cash, which constitutes wealth shall be computed in accordance with the following provisions: -
| | (a) Where any movable property was acquired before April 1, 1957, its value for the year of assessment commencing on April 1, 1959, shall be an amount equal to the aggregate of its market value on March 31, 1957, and the cost of improvements and additions made to it after March 31,1957. | | |
| | (b) Where any movable property was acquired on or after April 1, 1957, its value for the year of assessment commencing on April 1, 1959, shall be an amount equal to its market value on March 31, 1959. | | |
| | (c) The value of any movable property for any year of assessment commencing on or after April 1, 1960, shall be its market value on the valuation date. | | |
| | (d) Where the movable property consists of shares (not being preference shared in any company which by its articles restricts the right to transfer its shares, or which is a company in which more than half of the total shares issued is held by not more than five persons, their wives or minor children, either directly or through nominees, and the Commissioner is satisfied that the shares have not, within the period of twelve months immediately preceding the valuation date, been quoted in the official list of a recognized stock exchange in the United Kingdom or in a list of a like nature issued in Ceylon by any association of brokers approved by the Secretary to the Treasury for the purposes of this paragraph, the value of such shares shall, if the Commissioner so directs, be ascertained not in the manner provided by the preceding provisions of this subsection but by reference to the market value of all the assets of the company as a going concern, including goodwill, on the valuation date, after deducting therefrom-
| | | (i) the par or redemption value, whichever is the greater, of any debentures, debenture stock and preference shares of the company; |
| (ii) all debts of the company incurred or created bona fide for consideration in money or money's worth; |
| (iii) such sum as on a just and fair computation represents any future or contingent liabilities of the company or any liabilities thereof which are uncertain in amount; and |
| (iv) the amount of any reserve fund separately invested which is bona fide intended to be applied in payment of pensions to employees or otherwise for the benefit of them or their dependants or relatives, and in no other manner. |
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| (3) Where the assessee is carrying on a business for which accounts are maintained by him regularly, the Commissioner may, instead of determining separately the value of each property held by the assessee in such business and goodwill, determine the net value as a whole of the properties held by the assessee in such business and goodwill. |
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| (4) Where the value of any property is, according to the preceding provisions of this section, an amount equal to its market value, then, if such market value cannot be ascertained because such property is not saleable in the open market, the value of such property shall be determined in the prescribed manner. |
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Sri Lanka Consolidated Acts