12. Section 25 of the principal enactment is hereby amended by the insertion immediately after subsection (1) of that section of the following subsection :
| " (1A) Where the Commissioner-General directs under the provisions of subsection (3) of this section, that the accounts in respect of any trade, business, profession or vocation be made up for such periods as may be specified in that direction, he may further direct that the statutory income from that source for any year of assessment commencing on or after April 1, 1988, be computed on the amount of the profits of the period ending in that year of assessment. Where, however the statutory income of any person from a trade, business, profession or vocation has been computed by reference to an account made up for a certain period and such person fails to make up an account for the corresponding period in the year following, the statutory income from that source both of the year of assessment for which such failure occurs and of the two years of assessment following shall be computed on such basis as the Commissioner-General shall consider just and equitable in the circumstances of the case ; |
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Sri Lanka Consolidated Acts