Finance Act, 1971
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Provision relating to wear and tear. |
24.—(1) For the purposes of ascertaining the amount of any deduction to be allowed to any person under section 241 (1) of the Income Tax Act, 1967 , as representing the diminished value by reason of wear and tear during the year of assessment of any qualifying machinery or plant, no account shall be taken of an investment allowance in determining the value of the qualifying machinery or plant at the commencement of the year. | |
(2) In section 241 (6) of the Income Tax Act, 1967 , “the deductions on that account, and”, and the expression “the deductions” where that expression occurs before “and allowances”, shall each be construed as not including a reference to any investment allowance made to the person by whom the trade or profession is carried on. | ||
(3) Section 241 (3) of the Income Tax Act, 1967 , shall apply in relation to an investment allowance as it applies in relation to deductions allowable in respect of wear and tear of machinery or plant. |