Finance Act, 1969
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Amendment of section 246 of Income Tax Act, 1967. |
14.— Section 246 of the Income Tax Act, 1967 , is hereby amended by the insertion after subsection (1) of the following subsection : | |
“(1A) (a) A shipping investment allowance shall not be made under subsection (1) in respect of any capital expenditure (whether incurred before or after the passing of the Finance Act, 1969) which is taken into account for the purposes of any grant made towards that expenditure by the Minister for Transport and Power under the Shipping Investment Grants Act, 1969 . | ||
(b) Where a shipping investment allowance has been made under subsection (1) in respect of capital expenditure which is taken into account for the purposes of such a grant as is mentioned in paragraph (a), the shipping investment allowance shall be withdrawn and all such additional assessments and adjustments of assessments shall be made as may be necessary as a consequence of the withdrawal of a shipping investment allowance or the substitution therefor of an initial allowance under Chapter I of Part XV.”. |