Report No. 12
91. Business assessed under the Income-tax Act, 1918.-
(1) Where bit virtue of the provisions of section 13 (section 25(3) part and section 25(4) part as incorporated in the Chapter on exclusion from total income] the income of any business, profession or vocation of any period has not been included in the total income of the assessee, the assessee may further claim that the income from that business, profession or vocation of the said period shall be taken as the amount of income from that business, profession or vocation of the previous year immediately preceding the said period. Where any such claim is made, the income-tax payable in respect of the total income of the previous year immediately preceding the said period shall be determined in accordance with that claim, and if an amount of income-tax has already been paid in respect of that previous year in excess of the amount payable on the basis of such determination, a refund shall be given of the excess.
[Section 25(3), part and 25(4), part.]
(2) No claim to the relief afforded under sub-section (1) shall be entertained unless it is made before the expiry of one calendar year from the date on which the business, profession or vocation was discontinued or the succession took place, as the case may be.