Page 32 - Taxation Exam Revision 2018 - Deductions & Capital Allowanances

ITC EXAM PREP

Capital Allowances & Recoupments

Topic Section

Acquisition of • S 1: Definition of a connected person and
the asset depreciable asset

(Cost price) • S 23C: Reducing the cost or market value of certain

assets with input tax claimed

• Ss11(e), 12B, 12C, 12E: Cost determinations
• S 12N: Allows the lessee to claim allowances on tax

exempt owners of fixed property

• S 24M: Incurral of unquantified amounts (assets)
• S 40CA: Acquisition of asset in exchange for shares

or debt

• S 23D: Sale and leaseback agreements
• Ss24I and 25D: Foreign currency transactions

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