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Relief to co-operative farming societies and farming trustees.
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7.—Where the Revenue Commissioners are satisfied that any land is in the ownership and occupation of a co-operative society formed before the 6th day of April, 1927 for the acquisition of land to be divided amongst its members or of a body of trustees created before the 6th day of April, 1927 for the acquisition of land to be divided amongst their cestuis-qui-trustent and the Revenue Commissioners are also satisfied that, having regard to the taxable income of the several individuals beneficially interested in such land, the collection of the tax assessed with respect to such land under Schedule A or Schedule B of the Income Tax Act, 1918 for any year (whether beginning before or after the passing of this Act) would impose undue hardship on such individuals the Revenue Commissioners shall have power to cause to be given such relief as is just and reasonable in respect of such tax.
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