Income Tax Act, 1962 (Act No. 58 of 1962)

Chapter II : The Taxes

Purchase

(a) includes anything that is—

(i)	won or in any other manner acquired during the course of mining operations by a taxpayer for the purposes of extraction, processing, separation, refining, beneficiation, manufacture, sale or exchange by the taxpayer or on the taxpayer’s behalf; and

(ii)	taken into account as inventory in terms of South African Generally Accepted Accounting Practice; and

(b)	must not be valued at an amount less than the amount so taken into account.

[Section 15A inserted by section 30 of the Taxation Laws Amendment Act, 2009 (Act No. 17 of 2009)]