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As enacted
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Contents

Part I

17. Losses on realisation of business assets and liabilities

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

For the purposes of calculating a person’s income from a business for a year of assessment, a loss of the person from the realisation during the year of assets and liabilities referred to in subsection (2) shall be deducted. The loss shall be calculated under Chapter IV.

(2)

The assets and liabilities are –

(a)

capital assets of a business to the extent to which the assets were used in the production of income from the business; and

(b)

liabilities of a business to the extent to which –

(i)

in the case of a liability that is a debt obligation incurred in borrowing money, the money was used or an asset purchased with the money was used in the production of income from the business; and

(ii)

in the case of any other liability, the liability was incurred in the production of income from the business.

Read on from s 18

Part II

Read on from Part II

Schedules