Inland Revenue.
that of assessment shall be the profits for one year
year such day.
from
(5) Where a person ceases to carry on a trade, profession or business, the assessable profits therefrom as regards the year of assessment in which the cessation occurs shall be the amount of the profits of the period beginning on the 1st day of April in that year and ending on the date of cessation.
(6) Notwithstanding the provisions of section 70 a claim made under subsection (2), (3), (4) or (5) 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 the year of assessment. A claim so made shall be regarded as an appeal for the purposes of Part XI.
[CAP. 112
(7) 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 and 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 aggregation, and any apportionment under this section shall be made in proportion to the number of days in the respective period unless the Commissioner, having regard to any special circumstances, otherwise directs.
[19]
19. (1) Where a loss is incurred by any person in the basis period for any year of assessment in any trade, profession or business the amount of such loss attributable to activities in the Colony shall be carried forward and shall, subject as hereinafter provided, be set off against what would otherwise have been the chargeable profits of that person for the next five years in succession: Provided that the amount of any such loss allowed to be set off in computing the chargeable profits in any year shall not be set off in computing the chargeable profits of any other year.
(2) Where all the members of a person not being a body corporate have elected to be severally assessed
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Treatment of losses.