SI
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 first day of April in that
year and ending on the date of cessation.
(6)
Notwithstanding the provisions of section 55 a claim made
under this section to an adjustment of any assessment by reference
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
made shall be regarded as an appeal for the purposes of Chapter VIII.
(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.
20. (1) Where a loss is incurred by any person in the year preceding
any year of assessment in any trade, profession or business the amount
of such loss attributable to the 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 omputing the chargeable
profits of any other year and provided also that in no case shall such
set-off be allowed to an extent which would reduce the tax payable
for any year of assessment to less than one-half of the amount which
would have been payable had the set-off not been allowed.
(2) Notwithstanding anything in the foregoing sub-section where all
the members of a person not being a body corporate have elected to be
the severally assessed under the provisions of Chapter Vil
portions of any loss incurred in the year preceding any year of assCSI-
ment of any trade, profession or business falling on a member shall