Finance Act, 1973
Amendment of section 251 of Income Tax Act, 1967. |
9.—(1) Section 251 of the Income Tax Act, 1967 , is hereby amended by the substitution in subsection (4) (d) (inserted by the Finance Act, 1972 ) of “the 1st day of April, 1975” for “the 1st day of April, 1973”. | |
(2) Where on or after the 3rd day of July, 1973, a claim is made by a person for an initial allowance under section 251 of the Income Tax Act, 1967 , for any year of assessment in respect of machinery or plant, any allowance made to the person under that section shall not exceed such sum as will, when added to— | ||
(a) the amount of any deduction in respect of the machinery or plant allowed to the person under section 241 of the said Act for that year of assessment, and | ||
(b) the aggregate amount of any deductions allowed to the person in respect of the machinery or plant under the said sections 241 and 251 for earlier years of assessment, | ||
equal the actual amount of the expenditure incurred by him on the provision of the said machinery or plant. |