Finance Act, 1936

Extension of allowance for wear and tear of machinery.

5.—Throughout Rules 6 and 7 (which relate to the allowance of deductions in respect of the wear and tear of machinery and plant and in respect of the replacement of obsolete machinery and plant) of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, every reference to the profits or gains of a trade shall be construed as including profits or gains of a profession or vocation chargeable to income tax under the said Schedule D, and the said Rules 6 and 7 shall apply and have effect accordingly.