Finance Act, 1968

Amendment of section 251 of Income Tax Act, 1967.

38.—The following subsection is hereby substituted for section 251 (4) of the Income Tax Act, 1967 :

“(4) Notwithstanding anything in the preceding provisions of this section, this Chapter shall have effect—

(a) in relation to capital expenditure incurred on or after the 14th day of December, 1961, and before the 1st day of April, 1967, as if ‘two-fifths’ were substituted for ‘one-fifth’ in subsection (1),

(b) in relation to capital expenditure incurred on or after the 1st day of April, 1967, and before the 1st day of April, 1968, as if ‘one-half’ were substituted for ‘one-fifth’ in subsection (1), and

(c) in relation to capital expenditure incurred on or after the 1st day of April, 1968, and before the 1st day of April, 1971, as if ‘three-fifths’ were substituted for ‘one-fifth’ in subsection (1).”.