assessment shall be computed on the amount of the profits therefrom arising in or derived from the Colony for one year from such day:
Provided that such person may claim, by giving notice in writing to the Commissioner, to have the assessable profits from that source for that year of assessment and for the following year of assessment (but not for one or other of those years) recomputed on the basis of the actual profits therefrom arising in or derived from the Colony during each such year respectively.
(5) Where a person ceases to carry on a trade, profession or business in the Colony the assessable profits from that source for the year of assessment in which the cessation occurs shall be computed on the amount of the profits therefrom arising in or derived from the Colony during the period beginning on the rst day of April in that year and ending on the date of cessation :
Provided that where the profits arising in or derived from the Colony from that source during the year of assessment immediately preceding the year in which the cessation occurs exceed what would other- wise have been the assessable profits from that source for that preceding year such assessable profits shall be recomputed on the basis of the actual profits there- from arising in or derived from the Colony during that preceding year and an additional assessment shall be made accordingly.
(6) Notwithstanding the provisions of section 70 a claim made for an adjustment of any assessment because of a change in the basis period required or authorized under the provisions of this section shall be entertained if it is made in writing within two years after the end of the relevant year of assessment or, where the claim has been made under the proviso to subsection (4), within two years after the end of the second of the two years of assessment referred to in such proviso. A claim so made shall be regarded as an appeal for the purposes of Part XI.
7
(7) Where in the case of any trade, profession or business it is necessary in order to arrive at the assessable profits or the losses for any year of assess- ment 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 sec- tion shall be made în proportion to the number of days or months in the respective periods unless the Coin- missioner, having regard to any special circumstances, otherwise directs."",
Amendment of section
15. Section 1g of the principal Ordinance is amended- (a) by the insertion in subsection (1) after the word "shall'' 19.
of the following
**notwithstanding the provisions of section 70";
(b) by the substitution of a colon for the full stop at the end
of subsection (2) and the addition thereto of the following proviso-
"Provided that the amount of any such loss allowed to be set off in computing the assessable profits for any year of assessment shall not be set off in computing the assessable profits for any other year of assessment."*.
18. The principal Ordinance is amended by the addition after Addition of section 19 of the following new section-
"Computa- tion of lossen.
19A. (1) For the purposes of section 19, the amount of a loss incurred by a person chargeable to tax under this Part shall, subject to the provisions of subsection (a) of this section, be computed in a like manner as assessable profits are computed.
(2) Where the assessable profits of a person chargeable to tax under this Part are computed in accordance with subsection (a) of section 18 by reference to accounts for a period ending on some day other than the 31st day of March in the year prior to the year of assessment, any loss which may be set off under the provisions of section 19 shall be com-
new section 194.