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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

41. Reversal, quantification and compensation of amounts

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

(1)

Subject to section 24, where a person includes expenditure in the cost of an asset or liability and later recovers the expenditure, the person shall include the amount recovered in the consideration received for the asset or liability, as the case requires.

(2)

Subject to section 24 where a person includes an amount derived as consideration received for an asset or liability and, later refunds the amount, the person may include the amount refunded in the cost of the asset.

(3)

Where a person or an associate of a person derives an amount which compensates for or represents –

(a)

recovery of actual or expected costs or expected but not received consideration for an asset or liability; or

(b)

a loss in value of an asset or increase in a liability, subject to any other adjustment made under this Act, the compensation amount shall be included in the consideration received for the asset or liability, as the case requires.

Division II: Realisation of assets

Read on from s 42

Part II

Read on from Part II

Schedules