Finance Act, 1976

Amendment of section 316 (amount of assessment under section 434 to be allowed as a loss for certain purposes) of Income Tax Act, 1967.

5.Section 316 of the Income Tax Act, 1967 , is hereby amended, in relation to any claim for relief under the said section 316 made on or after the 30th day of March, 1976, by the insertion in subsection (2) after “1969” of “or section 30 (2), 31 (2) or 50 (4) of the Finance Act, 1974 ”, and the said subsection, as so amended, is set out in the Table to this section.

TABLE

(2) This section shall not apply to any sum assessed under section 434 by virtue of Chapter II of Part XII or section 221 (2) (b), 288, 363, or 435 or section 25 (1) of the Finance Act, 1969 or section 30 (2), 31 (2) or 50 (4) of the Finance Act, 1974 .