asked the Minister for Finance if he will state whether interest on an advance, secured by a bill, for the purpose of purchasing cattle to stock a farm is allowed as an expense by the Surveyor of Taxes.
Ceisteanna—Questions. Oral Answers. - Income Tax Allowance for Interest.
The question of the allowance of an expense does not normally arise in an assessment under Schedule B, which is based on the valuation of the lands, the subject of assessment. In the case, however, of a person who makes application to the Special Commissioners of Income Tax under Rule 6 of the Rules applicable to Schedule B, Income Tax Act, 1918, the question of allowance of interest would be considered and dealt with on its merits.
The question is one to which a general answer cannot be given; but if the Deputy has a particular case in mind and will let me have the particulars, I shall be glad to have the matter inquired into.
I have a case in which it was refused.