Amendment of
section 29A.
Repeal and
replacement of
section 30.
Repeal and replacement of section 32.
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certificate that he is so aggrieved and the Commis- sioner shall, for the purpose of enabling that person to object in accordance with Part XI, cause him under section 59 to be assessed to interest tax and cause notice of that assessment to be served on him under section 62.
(4) A recipient of a stam paid or credited to him being interest chargeable with interest tax under section 28 who does not receive within the prescribed period a certificate to which he is entitled under sub- section (2) shall within fourteen days after the expiry of the prescribed period inform the Commissioner in writing of this fact and supply the following particulars-
(a) the name and address of the payer of the
interest;
(b) the gross amount of the interest;
(c) the net amount paid or credited to him; and
(d) the date of the payment or crediting of the
interest.".
23. Section 29A of the principal Ordinance is amended by deleting "and shall not be deemed to have made".
24. Section 30 of the principal Ordinance is repealed and replaced by the following-
"Failure to deduct interest tax.
30. Where a person who is under an obligation to do so fails to make a deduction of interest tax or fails to pay the amount of the deduction to the Govern- ment in accordance with section 29, the amount in respect of which default is made shall constitute a debt due by that person to the Government and shall be recoverable forthwith as such or may be assessed and charged upon such person in addition to any tax otherwise payable by him under this Ordinance.".
25. Section 32 of the principal Ordinance is repealed and replaced by the following-
"Reimburse- ment by recipient
of gross interest.
32. Where an amount is recovered under section 30 from a person who has failed to make a deduction which be was under an obligation to make the person from whom the amount is recovered may recover that amount from the recipient of the interest.”.
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26. Section 33 of the principal Ordinance is amended by inserting after "his agent" the following-
" but no such assessment shall be made upon a recipient who has, in accordance with subsection (4) of section 29. informed the Commissioner that he has not received a certificate".
27. The principal Ordinance is amended by adding after section 35 the following new sections-
"Special provisions oa termine- tion of leasehold interest.
Buildings and structures bought unused.
35A. Where, on the termination of a leasehold interest
(a)
MARTY
a lessee of any building or structure remains in possession thereof with the consent of the lessor without a new lease being granted to him, the leasehold interest shall be deemed for the purposes of this Part to continue so long as he so remains in possession:
(b) a new lease is granted to the lessee either by way of regrant or in pursuance of an option available to him under the terms of the first lease, this Part shall have effect as if the second lease were a continuation of the first lease.
35B. Where capital expenditure is incurred on the construction of a building or structure and, before that building or structure is used, the relevant interest therein is sold-
(a) the expenditure actually incurred on the construction thereof shall be left out of account for the purposes of this Part and any initial allowance made under section 34 shall be disallowed and such additional assessments as may be necessary consequent thereon shall be made; but
(b) the person who buys that interest shall be deemed for those purposes to have incurred,
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the date when the purchase price becomes payable, capital expenditure on the construction thereof equal to the expenditure actually incurred on the construction of the building or to the net price paid by him for such interest whichever is the less:
Provided that, where the relevant interest in the building or structure is sold more than once
Amendment of section 33.
Addition of new vectionS 35A and 35D.