Chargeability of excess proceeds from disposal of building works as business income when lease or occupancy right is determined.

Where a building structure or work is disposed of or surrendered because a lease or occupancy right is determined, and the moneys payable plus scrap value exceed written down value, the excess (not exceeding the difference between actual cost and written down value) is chargeable as income of the business or profession in the previous year in which the moneys payable became due; if the business had ceased, the charge applies as if it were in existence, and definitions of "moneys payable" and "sold" follow the capital allowance provision.

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