CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 49

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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)