he total depreciation which has occurred in such asset since
the date of purchase by him;
42
"year of assesment" means the period of twelve months
coʻmancing on the first day of April, ninstem hundred and forty
seven, and each subsequent period of twelve months commencing
on the first day of April;
"year preceding a year of assessment" means the period
of twelve months ending on the thirty-first day of March
immediately prior to such year of assessment;
"basis period" for any year of assessment is the period
on the profits of which income tax for that year falls to be
computed.
3.
(1) (a) There shall be a Board of Income Tax composed
of the Financial Secretary and four other members appointed
by the Governor, of whom not more than one shall be an official
in the employment of the Goverment. ▲ member so appointed
shall hold office until he shall resign or be removed from
office by the Governor.
(b) Three members of the Board of Income Tax shall
form a quorum for the transaction of business and when the
Financial Secretary is present he shall be the Chairmanı,
(o) All matters coming before the Board of Income Tax
shall be decided by a majority of votes, and in the case of an
equality of votes the Chairman or presiding member shall have
a second or a casting vote.
(2) For the purposes of this Ordinance, the Governor
may appoint a Commissioner, a Deputy Commissioner, Assistant
Commissioners, and Assessors.
(3) An Assistant Comissioner exercising or performing
any power, duty, or function of the Commissioner under this
Ürdinance shall be deened for all purposes to be authorised
to exercise or perform the same until the contrary is proved.
(4) All powers conferred upon an assessor by this Ordinance
may be exercised by an Assistant Commissioner.
4
(1) Except in the performance of his duties under this
/Ordinance