Per Cent Building such as offices, dwellings, stores, hospitals and clubs Roads and bridges Tanks, pipe-lines, jetties and wharves Office furniture and equipment Plant, machinery and equipment other than that indicated below Motor cars and motor cycles Lorries and trailers Marine craft Aeroplanes Drilling and clean out tools Service replacement plant (including construction and road-making equipment, workshops and equipment, handling equipment and sundry others) Service station buildings and driveways Servicing, greasing and other service station equipment Carts Refining plants pipelines (within refinery) and small tanks Intangible assets 15 10 33 1/3 25 73 25 33 1/3 25 10 15 20 10 10 (ii) There shall be included in any deductions under this paragraph royalties paid on crude petroleum dealt in by that chargeable person equal to one eighth of the value at the applicable posted price in the Sheikhdom of such crude petroleum. (iii) No amount shall be deducted under this sub-paragraph (c) if and to the extent that the same has been included in any amount deducted under sub-paragraph (a) of this Article 6 (1). (iv) The total of the deductions allowed in any income tax year under this sub-paragraph (c) and under sub-paragraph (d) of this Article 6 (1) in respect of any asset shall not, when added to the total of the deductions allowed in respect of that asset in previous income tax years, exceed the actual cost of the chargeable person of such asset. (d) Losses sustained by the chargeable person in connection with carrying on trade or business and not compensated for by insurance or otherwise, including, without in any way limiting the generality of the foregoing, bad debts, losses arising out of claims for damages against the chargeable person, losses resulting from damage to or destruction or loss of stock in trade or losses arising from damage to or destructions, abandonment, scrapping or sale of physical assets belonging to the chargeable person. The value of any physical asset for the purpose of computing the amount of deduction for losses shall be the original cost of the asset to the chargeable person decreased by the aggregate of the amounts previously deducted pursuant to sub-paragraph (c) of this Article 6 (1). The amount of the loss shall be the excess of the said value over any proceeds realised. Any proceeds realised on the sale or disposition of that asset to the extent that they exceed the said value and do not exceed the original cost of such asset to the chargeable person shall be regarded as taxable income. (e) The amount of any net operating loss (being the amount by which total deductible costs, expenses, allowances and losses for any income tax year exceeds the income for such year) incurred by such chargeable person in carrying on trade or business in any previous income tax year which has not been allowed against such chargeable person's income of any previous income tax year. (६६)
