Income Tax Act, 1967.


Annual Allowances for Certain Capital Expenditure on Industrial Buildings and Structures, on Machinery and Plant, on Patents and on Dredging

Chapter I

Industrial Buildings and Structures: Annual Allowances and Balancing Allowances and Charges


263.—(1) In this Chapter—

“industrial building allowance” means an allowance made under Chapter II of Part XV;

“industrial building or structure” has the same meaning as, by virtue of section 255, that expression has in Chapter II of Part XV.

(2) A person who has incurred expenditure on the construction of a building or structure shall be deemed, for the purposes of any provision of this Chapter referring to his interest therein at the time when the expenditure was incurred, to have had the same interest therein as he would have had if the construction thereof had been completed at that time.

(3) Without prejudice to any of the other provisions of this Part relating to the apportionment of sale, insurance, salvage or compensation moneys, the sum paid on the sale of the relevant interest in a building or structure, or any other sale, insurance, salvage or compensation moneys payable in respect of any building or structure, shall, for the purposes of this Chapter, be deemed to be reduced by an amount equal to so much thereof, as, on a just apportionment, is attributable to assets representing expenditure other than expenditure in respect of which an allowance can be made under Chapter II of Part XV or under this Chapter.

(4) Sections 256 and 257 shall apply in relation to allowances and charges under this Chapter as they apply in relation to industrial building allowances.