Sri Lanka Consolidated Acts

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Inland Revenue (Amendment) Act (No. 12 of 2004) - Sect 29

Insertion of new section 97A in the principal enactment

29. The following new section is hereby inserted immediately after section 91 of the principal enactment and shall have effect as section 97A of that enactment :-
97A. Where an Assessor is of opinion that any transaction between the members of a group of companies which has no economic substance, has resulted in a tax benefit to any member of the group or a loss from any trade or business to one or more of such members, which can be claimed as a deduction under section 29. such transaction shall be disregarded and the relevant persons shall be assessed accordingly.


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