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persons are substantially identical or that the ultimate control- ling 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 deemed 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.
(2) Where a non-resident person carries on business with a resident person with whom he is closely connected and the course of such business is so arranged that it produces to the resident person either no profits or less than the ordinary profits which might be expected to arise, the business done by the non-resident person in pursuance of his connection with the resident person shall be deemed to be carried on in the Colony, and such non-resident person shall be assessable and chargeable with tax in respect of his profits from such business in the name of the resident person as if the resident person were his agent, and all the provisions of this Ordinance shall apply accordingly.
22. Where the true amount of the profits of a non- resident person in respect of a trade, profession or business carried on in the Colony cannot be readily ascertained, such profits may be computed on a fair percentage of the turnover of that trade or business in the Colony.
Profits of
certain busi- nesses to be
computed on
a percentage of the turnover
of partner- Bhips
23. (1) Where a trade, profession or business is carried Assessment on by two or more persons jointly the tax in respect thereof shall be computed and stated jointly in one sum and a joint assessment shall be made in the partnership name.
(2) The precedent partner shall make and deliver a statement of the profits or losses of such trade, profession or business, on behalf of the partnership, ascertained in accord- ance with the provisions of this Chapter relating to the ascertainment of profits.
Where no active partner is resident in the Colony the return shall be furnished by the manager or agent of the partnership in the Colony.
(3) If after the thirty-first day of March, 1946, a change occurs in a partnership of persons carrying on any trade, profession or business, by reason of retirement or death, or the dissolution of the partnership as to one or more of the partners, or the admission of a new partner, in such circumstances that one or more of the persons who until that time were engaged in the trade, profession or business continue to be engaged there- in, or a person who until that time was engaged in any trade, profession or business on his own account continues to be engaged in it, but as a partner in a partnership, the tax payable by the person or persons who carry on the trade, profession or business after that time shall, notwithstanding the change be computed according to the profits or gains of the trade, profession or business in accordance with section 19 as if no such change had occurred: Provided that on application made in writing by all the persons engaged in the trade, profession or business both immediately before and immediately after the change, and signed by all of them or, in the case of a deceased person, by his legal representative, and received by the Assessor within twelve months after the change took
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