2. Section 12 of the Inland Revenue Act, No. 4 of 1963, hereinafter referred to as the principal enactment", is hereby amended as follows
| (1) by the repeal of subsection (2) of that section and the subsection therefor, of the following new subsection: -
| | " (2) Where the Commissioner is satisfied that any person usually makes up the accounts of a trade, business, profession, vocation, or employment carried on or exercised by him to some day other than the thirty day of March, he may direct that for any year of assessment commencing nor later than April 1 1973, the statutory income from that source be computed on the amount of the profits of the year ending on that day in the year preceding the year of assessment. Where, however, the statutory income of any person from a trade, business, profession, vocation, or employment has been computed by reference to an account made up to a certain day, and such person fails to make up an account to the corresponding day in the year following, then, subject to the provisions of subsection (4), the statutory income from that source both of the year of assessment ill which such failure occurs and of the two years of assessment following shall be computed on such basis as the Commissioner in his discretion thinks fit: | | |
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| (2) by the addition, at the end of that section, of the following new subsections:-
| | " (3) Where for the year of assessment commencing on April 1, 1973, the statutory income of any person from any trade, business, profession or vocation, carried on or exercised by him has, under subsection (2), been computed on the amount of the profits of a year ending on a date other than March 31, 1973, or would have been so computed had there been a profit, then for the year of assessment commencing on April 1 1974, the statutory income of that person from that trade, business, profession or vocation shall be computed either on the amount of the profits of the year immediately following the year in relation to which the statutory income from that source was computed for the year of assessment commencing on April 1, 1973, or on the amount of the profits of the year ending on March 31, 1974, whichever is the higher amount. | | |
| | (4) Where any person who carries on or exercises any trade, business, profession or vocation, fails to make up the accounts of that trade, business, profession or vocation in accordance with the provisions of section 12A, the statutory income of that person from that source for the year of assessment commencing on April 1,1973, and for the two years of assessment following shall be computed on such basis as the Commissioner in his discretion thinks fit.". | | |
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Sri Lanka Consolidated Acts