carry on a trade, profession or business in the Colony which was commenced by him in the Colony before the 1st April 1974, the assessable profits from that source for the year of assessment in which the cessa- tion occurs shall be computed on the amount of the profits therefrom arising in or derived from the Colony during the period beginning on the 1st April in that year and ending on the date of cessation :
Provided that where a person ceases to carry on such trade, profession or business in the Colony other than by reason of the death of an individual, not being a wife to whom section 15B applies, previously carrying on a trade, profession or business as the sole proprietor thereof, and the trade, profession or business, or any part thereof, is transferred to ar carried on by any other person as bis trade, profession or business, this subsection shall not apply, but the cessation shall, subject to subsection (3), be deemed to be a cessation for the purposes of subsection (1).
(3) Where in the year of assessment commencing on the 1st April 1975 a person ceases to carry on a trade, profession or business in the Colony which was commenced by him in the Colony before the 1st April 1974 and-
(a) subsection (2) does not apply by virtue of
the proviso thereto; and
(b) the assessable profits for the year of asseSE- ment commencing on the 1st April 1974 have not been computed under section 18A(1) or (2); and
(c) the basis period for the year of assessment commencing on the 1st April 1974 ended within the year of assessment commencing on the 1st April 1973.
then, the assessable profits for the year of assessment commencing on the 1st April 1975 shall be computed on the amount of the profits arising in or derived from the Colony during the period beginning one year after the end of the basis period for the year of assessment commencing on the 1st April 1974 and ending on the date of cessation.
(4) Notwithstanding anything in this Ordinance to the contrary, where, in the year of assessment com-
mencing on the 1st April 1975, a person ceases to carry on a trade, profession or business in the Colony which was commenced by him in the Colony in the year of assessment commencing on the 1st April 1973-
(a)
the assessable profits for the year of assess- ment commencing on the 1st April 1974 shall be recomputed on the basis of the actual profits arising in or derived from the Colony during such year; and
(b) the assessable profits for the year of assess- ment commencing on the 1st April 1975 shell be computed on the amount of the profits therefrom arising in or derived from the Colony during the period beginning on the 1st April 1975 and ending on the date of cessation.
(5) Where a person who commenced to carry on a trade, profession or business in the Colony in a year of assessment commencing on or after the 1st April 1975-
(a) ceases to carry on such trade, profession or business in the year of assessment following that in which such commencement occurred; and
(6) by virtue of section 180(2), there has been deemed to be no assessable profits for the year of assessment in which the commence- ment occurred,
the assessable profits for the year of assessment in which the cessation occurs shall be recompuied on the basis of the actual profits arising in or derived from the Colony from the date of the commencement to the date of cessation.
(6) Notwithstanding section 70, where a person ccases to carry on a trade, profession or business in the circumstances described in subsection (4), a claim made by that person for an adjustment of any assess- ment in accordance with that subsection shall be entertained if it is made in writing within two years after the end of the year of assessment commencing on the 1st April 1975.