42. Replacement of section 123B of the principal enactment

Section 123B of the principal enactment is hereby repealed and the following section is substituted therefor :—

123B.

Where any person has proved to the satisfaction of the Commissioner-General that such person has already paid income tax on any interest subject to income tax at ten per centum under section 122A or 122B of this Act, and any claim is made in writing within twelve months from the date of payment of such tax, such person shall be entitled to a refund of such income tax paid by him on such interest income, other than any tax deducted under 122A or 122B on such interest income.

Where any person being a company which has included any interest income referred to in section 122A or 122B of this Act in its total statutory income, has by virtue of the notional credit referred to in section 123A, paid any income tax in excess of its income tax liability for that year of assessment, then such excess may be carried forward to be set off against the income tax liability in any future year of assessment, but such company shall not be entitled to a refund of such excess or any part thereof.

Any interest accrued to any person not being a company or any other person or partnership receiving such interest as business income for any year of assessment, shall not be included in the total statutory income for such year of assessment, if such person proves to the satisfaction of the Assessor that the total amount of such interest will be liable to the deduction of income tax under section 122A or 122B, as the case may be.”.