Finance Act, 1971
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Amendment of section 58 of Income Tax Act, 1967. |
3.—In relation to a trade or profession which is permanently discontinued in the year 1972-73 or any subsequent year of assessment, section 58 of the Income Tax Act, 1967 , shall have effect as if the following subparagraphs were substituted for subparagraph (ii) of subsection (5) (a) of the said section 58: | |
“(ii) if the aggregate of the profits or gains (if any) of the years ending on the 5th day of April in each of the two years preceding the year of assessment in which the discontinuance occurs exceeds the aggregate of the amounts on which the person has been charged for each of the said two preceding years, or the aggregate of the amounts on which he would have been so charged if no such deduction or set-off as aforesaid had been allowed, he shall be charged instead, for each of the two said preceding years, but subject to any such deduction or set-off, on the amount of the profits or gains of the year ending on the 5th day of April in that year; | ||
(iii) where a person has been charged with tax otherwise than in accordance with subparagraph (ii), any tax overpaid shall be repaid, or an additional assessment may be made upon him, as the case may require.”. |