Income Tax Act, 1967.

Woodlands.

36.—(1) Any person occupying woodlands, who proves to the satisfaction of the Special Commissioners that those woodlands are managed by him on a commercial basis and with a view to the realisation of profits, may elect to be assessed and charged to tax in respect of those woodlands under Schedule D instead of under this Schedule in the same manner as a person occupying lands for the purposes of husbandry only, and section 34 shall apply accordingly.

(2) Any such election shall extend to all woodlands so managed on the same estate:

Provided that woodlands shall be treated for this purpose as being woodlands on a separate estate, if the person occupying those woodlands gives notice to the Special Commissioners within ten years after the time when they are planted or replanted.

(3) The election shall have effect, not only as respects the year of assessment, but also as respects all future years of assessment, so long as the woodlands are occupied by the person making the election.