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Assessment under Schedule D on profits of preceding year.
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9.—(1) Such enactments in the Income Tax Acts as provide that income tax under Schedule D shall in certain cases be computed on the full amount of the balance of the profits or gains, upon an average of three years or less than three years, shall cease to have effect, and any income tax in respect of profits or gains chargeable under Case I. or under Case II. of Schedule D, which would but for this section have been computed as aforesaid shall subject to the provisions of this Act and to the subsequent provisions of this section, be computed on the full amount of the profits or gains of the year preceding the year of assessment.
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(2) Notwithstanding anything contained in the foregoing sub-section, any person chargeable with income tax in respect of the profits or gains of any trade, profession, or vocation which has been set up or commenced within the year preceding the year of assessment shall be charged on the full amount of the profits or gains for one year from the time of such setting up or commencement, but shall be entitled, on giving notice in writing to the inspector of taxes within twelve months after the end of the year of assessment, to be charged to income tax on the amount of the profits or gains of the year of assessment.
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