Finance Act, 1989
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Amendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967. |
13.— Section 251 of the Income Tax Act, 1967 , is hereby amended by the substitution for subsection (7) (inserted by section 43 of the Finance Act, 1988 ) of the following subsection— | |
“(7) Where an allowance in respect of capital expenditure incurred on or after the 1st day of April, 1989, on the provision of new machinery or plant is made under this section for any chargeable period— | ||
(a) no allowance for wear and tear of the said machinery or plant shall be made under section 241 for that chargeable period, and | ||
(b) an allowance for wear and tear of the said machinery or plant which falls to be made under the said section 241 for any chargeable period subsequent to that chargeable period shall not be increased under section 11 of the Finance Act, 1967, or under section 26 of the Finance Act, 1971 .” |