Report No. 12
Notes to clause 13
1. These words were introduced in 1953 in pursuance of the recommendation made by the Income-tax Investigation, Commission; see its Report (1948), para 129, p. 56.
Section 25, sub-sections (3) and (4) provide for two things. One is the exclusion from total income of income of certain businesses, and the other is the right to claim substitution of the income of the year of discontinuance etc., in place of the last year's income.
The first part (exclusion from total income) has been embodied in the present clause, with the language simplified.1
1. See notes to clause 91 for comments on the retention or existing section 25(3) and (4).