15
Certificate issued in accordance with section 31, to a set off against the tax payable by him under the provisions of Chapter IV of the amount of the deduction shown on such Certificate : Provided that if the amount of the deduction should exceed the amount of Profits Tax, the excess shall be refunded in accordance with section 80.
(2) Where for any year of assessment a person is assessed to Profits Tax under the provisions of section 19 (5), the Commissioner may in addition to the relief due under paragraph (1) of this section grant such further relief as he may decide to be reasonable.
(3) The aggregate relief granted under this section in respect of any sum deducted by way of Interest Tax shall in no circumstances exceed the amount of such deduction.
33. Any person who has been deemed to have made a deduction from interest payable to another person under the provisions of section 30, may retain out of any assets of such other person coming into his possession or control, so much thereof as shall be sufficient to produce the amount of such deduction, and he shall be and is hereby indemnified against any person whomsoever in respect of his retention of such assets; and where no assets of such other persons come into his possession or control out of which he could retain the amount deducted, the amount of such deduction shall be a debt due to him from such other person.
Recovery of deduction
tax by direct assess- ment
34. Where, in the opinion of the Commissioner, the Recovery of provisions of section 30 relating to the deduction of Interest Tax have failed or are likely to fail to secure payment of any sum being tax upon interest charged by section 29, it shall be lawful for him to recover any such sum by way of direct assessment upon the recipient of such interest or upon his agent.
CHAPTER VI
Depreciation, Etc.
35. (1) Where in or after the basis period for the year of assessment 1947/48 a person incurs capital expenditure on the construction of a building or structure which is to be an industrial building or structure occupied for the purposes of a trade there shall be made to the person who incurred the expenditure for the year of assessment in the basis period for which the expenditure was incurred an allowance to be known as an "initial allowance" equal to one-tenth thereof.
(2) (a) Where any person is, at the end of the basis period for any year of assessment, entitled to an interest in a building or structure which is an industrial building or structure and where that interest is the relevant interest in relation to the capital expenditure incurred on the construction of that building or structure an allowance, to be known as an annual allowance," equal to one-fiftieth of that expenditure shall be made to him for that year of assessment.
(b) Where at any time in or after the basis period for the year of assessment 1947/48 the interest in a building or structure which is the relevant interest in relation to any ex- penditure is sold while the building or structure is an industrial building or structure the annual allowance, in the years of assessment the basis periods for which end after the time of
Initial and annual allowances, Industrial
Buildings Structures
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