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Deductions of and assessments to income tax.
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5.—(1) Every deduction made before the passing of this Act in respect of the income tax for the year beginning on the 6th day of April, 1938, which would have been a lawful deduction if Nos. 1 and 2 of the Financial Resolutions to which this Act applies had been in force and had had statutory effect when such deduction was made, shall be and be deemed always to have been a lawful deduction.
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(2) Every assessment to income tax for the year beginning on the 6th day of April, 1938, made before the passing of this Act which would have been a lawful and valid assessment if Nos. 1 and 2 of the Financial Resolutions to which this Act applies had been in force and had had statutory effect when such assessment was made, shall be and be deemed always to have been a lawful and valid assessment.
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