Finance Act, 1973

Amendment of section 251 of Income Tax Act, 1967.

9.—(1) Section 251 of the Income Tax Act, 1967 , is hereby amended by the substitution in subsection (4) (d) (inserted by the Finance Act, 1972 ) of “the 1st day of April, 1975” for “the 1st day of April, 1973”.

(2) Where on or after the 3rd day of July, 1973, a claim is made by a person for an initial allowance under section 251 of the Income Tax Act, 1967 , for any year of assessment in respect of machinery or plant, any allowance made to the person under that section shall not exceed such sum as will, when added to—

(a) the amount of any deduction in respect of the machinery or plant allowed to the person under section 241 of the said Act for that year of assessment, and

(b) the aggregate amount of any deductions allowed to the person in respect of the machinery or plant under the said sections 241 and 251 for earlier years of assessment,

equal the actual amount of the expenditure incurred by him on the provision of the said machinery or plant.