Finance Act, 1975
Amendment of section 254 of Income Tax Act, 1967. |
4.— Section 254 of the Income Tax Act, 1967 , is hereby amended by the insertion after subsection (2) of the following subsection: | |
“(2A) Notwithstanding anything contained in subsections (1) and (2), this Chapter shall have effect— | ||
(a) in relation to capital expenditure incurred on or after the 16th day of January, 1975, and before the 1st day of April, 1977, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (a) or (b) of section 255 (1), as if ‘one-half’ were substituted for ‘one-tenth’, and | ||
(b) in relation to capital expenditure incurred on or after the 6th day of April, 1974, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (c) of section 255 (1), as if ‘one-fifth’ were substituted for ‘one-tenth’.”. |