Section 749 | Assets held for purposes of mines, transport undertakings, etc

(1)This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a concern listed in section 39(4) (mines, quarries and other concerns) that is carried on by it in that period.

(2)The credits are given effect by treating them as receipts of the concern in calculating the profits of the concern under Part 3 (trading income).

(3)The debits are given effect by treating them as expenses of the concern in calculating the profits of the concern under that Part.