Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 4 of 1963) - Sect 56

[ 24, 18 of 1965.] Deduction of certain expenses in ascertaining profits from animal husbandry. [ 24, 18 of 1965.]

53B.
(1) For the purpose of ascertaining the profits and income from animal husbandry, the succeeding provisions shall apply in addition to, and shall be read with, Chapter II.
(2) There shall be deducted for the purpose of ascertaining the profits or income for any year of assessment commencing on or after April 1, 1965, from animal husbandry all expenses incurred-
(a) in opening up any land for that purpose, and
(b) in the purchase of livestock or poultry to be kept on such land.

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