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by such person in the production of the income, including –
(a) suma payable by such person by way of interest upon any
mone ey borrowed by him, where the Commissioner is satisfied that the
interest was payable on capital employed in acquiring the income;
(b) rent paid by any tenant of land or buildings occupied
by him for the purpose of acquiring the income;
(c) the allowances provided by Chapter VI (Depreciation)
(d) bad debts incurred in any trade, business, profession or
vocation, proved to the satisfaction of the Commissioner to have
become bad during the year immediately preceding the year of assessment,
and doubtful debts to the extent that they are respectively
estimated to the satisfaction of the Commissioner to have become bad
during the said year notwithstanding that such bad or doubtful debts
were due and payable prior to the commencement of the said year,
provided that all sums recovered during the said year on account of
amounts previously written off or allowed in respect of bad or
doubtful debts shall for the purposes of this Ordinance be treated
as receipts of the trade, business, profession or vocation for that
year;
(●) such other deductions as may be prescribed by any rule
mde under this Ordinance.
(2) The Governor in Council may by rules provide for the method
of calculating or estimating the deductions allowed or prescribed under
this Ordinance.
18. (1) For the purpose of ascertaining profits no deduction
shall be allowed in respect of
(a) domestic or private expenses, including the cost of
travelling between residence and place of business;
(b) any disbursements or expenses not being money expended
for the purpose of producing the profits;
(c) any expenditure of a capital mature or any loss or
withdrawal of capital.
(a) the cost of any improvements;
(e) any sum recoverable under an insurance or contract of
indemityj
/(t)