Finance Act, 1963

Provisions as to assessment.

89.—(1) Where for any year of assessment profits or gains chargeable to tax under Case VI of Schedule D by virtue of the foregoing provisions of this Part of this Act arise to any person from two or more sources, the several amounts of profits or gains so chargeable may be assessed in one assessment.

(2) Where an assessment, in respect of profits or gains chargeable as aforesaid for any year of assessment, is made in that year, whether pursuant to the immediately preceding subsection or otherwise—

(a) it shall be made on the basis that all sources of profits or gains and all facts relevant to the computation of profits or gains are the same as for the last preceding year of assessment, and

(b) tax shall be leviable accordingly, but any necessary adjustments shall be made after the end of the year, whether by way of additional assessment, repayment of tax or otherwise, to secure that tax is charged on the profits or gains of the year of assessment.

(3) For the purposes of paragraph (a) of the foregoing subsection, any amounts which but for section 86 of this Act would not be taken into account in the computation of profits or gains shall be disregarded.