83. In this Act, unless the context otherwise requires-" acquired " with reference to property, means acquired by purchase, gift, inheritance or exchange or in any other manner whatsoever;" Assessor " means an Assessor of Inland Revenue appointed under the principal Act and includes a Senior Assessor of Inland Revenue and an Assistant Assessor of Inland Revenue appointed under that Act;" Assistant Commissioner " means an Assistant Commissioner of Inland Revenue appointed under the principal Act;" authorized representative " shall have the meaning assigned to that expression in section 129 of the principal Act;" Board " or " Board of Adjudicators " means a Board of Adjudicators constituted under section 56 of this Act;" capital " means movable or immovable property of any kind whatsoever, and includes property required by this Act to be included in capital and does not include property required by this Act to be excluded from capital;" child " shall have the meaning assigned to that expression in section 129 of the principal Act;" Commissioner " means the Commissioner of Inland Revenue appointed under the principal Act, and includes a Deputy Commissioner of Inland Revenue appointed under that Act and an Assistant Commissioner specially authorized by the Commissioner either generally or for some specific purpose to act on behalf of the Commissioner;" company " means any company incorporated or registered under any law in force in Ceylon or elsewhere;" dependent relative " shall have the meaning assigned to that expression in section 129 of the principal Act " executor " shall have the meaning assigned to that expression in section 129 of the principal Act;" incapacitated person " means any minor, lunatic, idiot or person of unsound mind;" market value " with reference to any property and any date, means the price which, in the opinion of an Assessor, that property would have fetched on that date in an open market;" motor car " and " motor vehicle " shall have the meanings assigned to those expressions in the Motor Traffic Act;" net capital " when used-
" non-resident " means not resident in Ceylon within the meaning of section 54 of the principal Act;| (a) in relation to any person other than a non-resident company having capital in Ceylon, means the amount by which the aggregate value, computed in accordance with the provisions of this Act, of the capital of that person is in excess of the aggregate value of all debts owed by such person on March 31, 1971, other than-
and account being taken not more than once of the same debt charged upon different portions of property, and
| | (i) a debt incurred without consideration or without full consideration in money or money's worth, | | |
| | (ii) a debt incurred which is not wholly for his own benefit, | | |
| | (iii) a debt in respect of which there is a right to reimbursement from any other person unless such reimbursement cannot be obtained, | | |
| | (iv) a debt charged or secured on, or incurred in relation to, any property of his which is excluded from his capital under this Act, and | | |
| | (v) any debt incurred by him outside Ceylon unless such debt is contracted to be paid in Ceylon or is charged or secured on property in Ceylon, | | |
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| (b) in relation to a non-resident company having capital in Ceylon means the amount by which the aggregate value, computed in accordance with the provisions of this Act, of the capital in Ceylon is in excess of the aggregate value of all its debts and liabilities on March 31, 1971, each such debt or liability being a debt or liability incurred by the company in carrying on its business in Ceylon and not being-
and account being taken not more than once of the same debt being charged upon different portions of property;
| | (i) a debt incurred by the company without consideration or without full consideration in money or money's worth, | | |
| | (ii) a debt which is not wholly for the benefit of the company, | | |
| | (iii) a debt in respect of which there is a right to reimbursement from any other person unless such reimbursement cannot be obtained, | | |
| | (iv) a debt charged or secured on, or incurred in relation to, any property of the company which is excluded from the capital of the company under this Act, and | | |
| | (v) a debt incurred by the company outside Ceylon unless such debt-is contracted to be paid in Ceylon or is charged or secured on property in Ceylon, | | |
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" Panel " or " Panel of Adjudicators " means the Panel of Adjudicators constituted under section 54 of this Act;" person " includes any Hindu undivided family and any executor or trustee;" possessor " when used in relation to a motor car or a motor vehicle means the person who, by reason of such motor car or motor vehicle having been mortgaged to him or by reason of any agreement (other than a hire purchase agreement) having been made in respect of that motor car or motor vehicle, is in possession of that motor car or motor vehicle;" precedent partner " shall have the meaning assigned to that expression in section 129 of the principal Act;" prescribed " means prescribed by regulation made under this Act;" principal Act " means the Inland Revenue Act, No. 4 of 1963;" property " includes any interest in any movable or immovable property;" resident " means resident in Ceylon within the meaning of section 54 of the principal Act;" trustee " shall have the meaning assigned to that expression in section 129 of the principal Act. |
Sri Lanka Consolidated Acts