74. Where a person in Sri Lanka, acting on behalf of non-resident person, effects or is instrumental in effecting any insurance or sells or disposes of or is instrumental in selling or disposing of any property, whether such property is in Sri Lanka or is to be brought into Sri Lanka and whether the insurance, sale or disposal is effected by such person in Sri Lanka or by or on behalf of the non-resident person outside Sri Lanka and whether the moneys arising therefrom are paid to or received by the non-resident person directly or other wise, the profits arising from any such insurance, sale, or disposal shall be deemed to be derived by the non-resident person from business transacted by him in Sri Lanka, and the person in Sri Lanka who acts on his behalf shall be deemed to be his agent for all the purposes of this Act : Provided that where the property sold or disposed of is produced or manufactured by such non-resident person outside Sri Lanka, the profits from the sale or disposal shall if the sale or disposal was by"
| (a) whole sale, be deemed to he not more than the profits which might reasonably he expected to be made by a merchant selling the property by wholesale ; and |
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| (b) retail, be deemed to be not more than the profits which might reasonably he expected to be made by a merchant selling the property by retail. |
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Sri Lanka Consolidated Acts