5. The following new section is hereby inserted immediately after section 15, and shall have effect as section 15a, of the principal enactment: -
| 15A. Where the statutory income of any person from a trade, business, profession or vocation has, for the year of assessment commencing on April 1 1973, been computed under subsection (2) of section 12 by reference to an account made up to a day other than the thirty-first day of March or would have been so computed had there been a profit, and such person incurs a loss in that trade, business, profession or vocation either during the year ending on March 31, 1974, or during the year immediately following the year in relation to which the statutory income for the year of assessment commencing on April 1, 1973, is computed, or during both such years, then, in respect of such part of that loss as has not been taken into account in computing the statutory income of that person for the year of assessment commencing on April 1, 1974, or as has not been allowed as a deduction from his total statutory income for any year of assessment under the provisions of section 15, the Commissioner may grant that person for the two years of assessment commencing on the first day of April 1974, and the first day of April 1975, or for any one of those years of assessment, such relief as the Commissioner may deem to be equitable,". |
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Sri Lanka Consolidated Acts