Finance Act, 1930

Relief in respect of certain losses.

2.—(1) Where any person has in any trade, profession, or vocation carried on by him either solely or in partnership sustained a loss for the year ending on the 5th day of April, 1928, or the year ending on the 5th day of April, 1929, he may claim the following deductions:—

(a) from any assessment made upon him for the year ending on the 5th day of April 1931, in respect of profits from the same trade, profession, or vocation, one-third of the net loss (if any) sustained in the two years ending on the 5th day of April, 1929;

(b) from any assessment made upon him for the year ending on the 5th day of April, 1932, in respect of profits from the same trade, profession, or vocation, one-third of the loss (if any) sustained in the year ending on the 5th day of April, 1929.

(2) For the purposes of the foregoing sub-section the loss sustained by a person entitled to claim any deduction under the said sub-section shall be computed in accordance with the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, and no deduction shall be allowed for any part of a loss in respect of which relief has been allowed under section 34 of the said Act or under any other provision of the Income Tax Acts.