1989 Ed.]
Inland Revenue
[CAP. 112
87
(a) the buyer is a person over whom the seller has control; or (b) the seller is a person over whom the buyer has control; or (c) both the seller and the buyer are persons over both of whom some other person has control; or
(d) the sale is between a husband and wife, not being a wife living apart from her husband, (Added 71 of 1983 s. 18)
the Commissioner shall, if he is of the opinion that the sale price of such asset does not represent its true market value at the time of such sale, determine such true market value and the amount so determined shall be deemed to be the sale price of such asset for the purpose of calculating the allowances and charges provided for in this Part.
(Added 36 of 1955 s. 45)
38C. Special provision as to allowances on a change in partnership
Where a change occurs in a partnership of persons carrying on any trade, profession or business and an application made in accordance with the provisions of the proviso to section 22(3) has been properly received by an assessor the provisions of this Part shall apply as if no such change had occurred except that any annual and rebuilding allowances in respect of assets of the old partnership acquired by the new partnership granted for the year of assessment in which such assets were acquired by the new partnership, shall be apportioned pro rata between the old and the new partnership.
(Added 36 of 1955 s. 45. Amended 49 of 1956 s. 27)
39. Replacement of machinery or plant
Where machinery or plant in the case of which any of the events mentioned in section 38(1) has occurred is replaced by the owner thereof and a balancing charge falls to be made on him by reason of that event or, but for the provisions of this section, would have fallen to be made on him by reason thereof, then, if by notice in writing to the Commissioner he so elects, the following provisions shall have effect, that is to say- (Amended 30 of 1950 Schedule)
(a) if the amount on which the charge would have been made is greater than the capital expenditure on providing the new machinery or plant-
(i) the charge shall be made only on an amount equal to the difference; and
(ii) no initial allowance, no balancing allowance and no annual allowance shall be made or allowed in respect of the new machinery or plant or the expenditure on the provision thereof; and
1989 Ed.]
Inland Revenue
[CAP. 112
87
(a) the buyer is a person over whom the seller has control; or (b) the seller is a person over whom the buyer has control; or (c) both the seller and the buyer are persons over both of whom
some other person has control; or
(d) the sale is between a husband and wife, not being a wife living
apart from her husband, (Added 71 of 1983 s. 18)
the Commissioner shall, if he is of the opinion that the sale price of such asset does not represent its true market value at the time of such sale, determine such true market value and the amount so determined shall be deemed to be the sale price of such asset for the purpose of calculating the allowances and charges provided for in this Part.
(Added 36 of 1955 s. 45)
38C. Special provision as to allowances on a change in partnership
Where a change occurs in a partnership of persons carrying on any trade, profession or business and an application made in accordance with the provisions of the proviso to section 22(3) has been properly received by an assessor the provisions of this Part shall apply as if no such change had occurred except that any annual and rebuilding allowances in respect of assets of the old partnership acquired by the new partnership granted for the year of assessment in which such assets were acquired by the new partnership, shall be apportioned pro rata between the old and the new partnership.
(Added 36 of 1955 s. 45. Amended 49 of 1956 s. 27)
39. Replacement of machinery or plant
Where machinery or plant in the case of which any of the events mentioned in section 38(1) has occurred is replaced by the owner thereof and a balancing charge falls to be made on him by reason of that event or, but for the provisions of this section, would have fallen to be made on him by reason thereof, then, if by notice in writing to the Commissioner he so elects, the following provisions shall have effect, that is to say- (Amended 30 of 1950 Schedule)
(a) if the amount on which the charge would have been made is greater than the capital expenditure on providing the new machinery or plant-
(i) the charge shall be made only on an amount equal to the
difference; and
(ii) no initial allowance, no balancing allowance and no annual allowance shall be made or allowed in respect of the new machinery or plant or the expenditure on the provision thereof; and
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