Finance (Miscellaneous Provisions) Act, 1956

Computation of profits from new coal-mining operations for income tax purposes.

6.—In computing, for the purpose of assessment to income tax, the amount of the profits from any new coal-mining operations—

(a) the new coal-mining operations shall be treated as a separate trade, and

(b) any corporation profits tax which, by virtue of section 7 of this Act is not payable, shall be deemed to have been paid.