CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 42

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