| 7/2/2012 |
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| Board of Special Commissioners - Cases |
| Case No. 25/51 |
Decided: 17 January, 1952 |
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Capital allowances in respect of machinery purchased prior to 1 January, 1948 - article 10(1)(g), now 14(1)(f), Income Tax Act
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Appellant company owned machinery that had been purchased several years prior to the introduction of income tax in Malta. It claimed that the capital allowances as determined by the Commissioner were too low as these had been based on the original cost of the said machinery and not on the value as on 1 January, 1948.
The Board rejected the appeal, quoting from proviso (iv) to article 10(1)(g) which categorically provided that "the aggregate of such allowance made under this Act added to the aggregate depreciation which has occurred by reason of wear and tear prior to the date of commencement of this Act calculated at the prescribed rates shall in no case exceed the original cost of the property".
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