Finance Act, 1969

Relief for amount not received.

28.—The following section is hereby substituted for section 90 of the Income Tax Act, 1967 :

“90.—Where on a claim in that behalf a person chargeable proves that he has not received an amount to which he is entitled and which falls to be taken into account in computing the profits or gains on which he is chargeable by virtue of this Chapter under Case IV or V of Schedule D, and

(a) if the non-receipt of the said amount was attributable to the default of the person by whom it was payable, that the said amount is irrecoverable, or

(b) if he has waived payment of the said amount, that the waiver was made without consideration and was reasonably made in order to avoid hardship,

the person chargeable shall be treated for tax purposes for all relevant years of assessment as if he had not been entitled to receive the said amount, and such adjustment shall be made, by repayment or otherwise, as the case may require; but if all or any part of the said amount is subsequently received, the person's liability to tax for all relevant years of assessment shall be appropriately re-adjusted by additional assessment or otherwise.”.