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(g) any tax paid or payable under this Chapter.
(2) In computing the profits or losses of a partnership, nothing shall be deducted for salaries or other remuneration of partners or for interest on partners' capital.
18.--(1) The profits derived from any trade, profession Basis for or business carried on in the Colony for each year of assess- computing
profits. ment shall be the full amount of the profits which arose or accrued from transactions within the Colony of such trade, profession or business during the year preceding the year of
assessment.
(2) Where the Commissioner is satisfied that the accounts of a trade, profession or business carried on or exercised in the Colony are usually made up to some day other than the thirty-first day of March, he may direct that the profits from that source be computed on the amount of the profits of the year ending on that day in the year preceding the year of assessment. Where, however, the profits of any trade, profession or business have been computed by refer- ence to an account made up to a certain day, and no account is made up to the corresponding day in the year following, the profits from that source both of the year of assessment in which such failure occurs and of the two years of assess- ment following shall be computed on such basis as the Commissioner in his discretion thinks fit.
(3) Notwithstanding the provisions of section 45 a claim made under this section to an adjustment of any assessment by reference to the profits for any period other than the year preceding the year of assessment shall be entertained if it is made within the period of twelve months next succeeding that year of assessment. A claim so made shall be regarded as an appeal for the purposes of Chapter VII,
(4) Where in the case of any trade, profession or business it is necessary in order to arrive at the profits or losses of any year of assessment or other period to divide and apportion to specific periods the profits or losses for any period for which accounts have been made up, or to aggregate any such profits or losses or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggre gation, and any apportionment under this section shall be made in proportion to the number of days in the respective period.
19.—(1) For the purposes of this section-
Liability of certain
(a) a person is closely connected with another person non-resident where the Commissioner in his discretion considers that such persons, persons are substantially identical or that the ultimate con- trolling interest of each is owned or deemed under this section to be owned by the same person or persons;
(b) the controlling interest of a company shall be decmed to be owned by the beneficial owners of its shares, whether held directly or through nominees, and shares in one company held by or on behalf of another company shall be deemed to be held by the shareholders of the last-mentioned company.