Notes and Instructions on the Excess Profits Tax Act 1940. Issued Under the Authority of the Central Board of Revenue

profits or of those of a chargeable accounting period or as regards the computation of the increase or decrease in the average capital employed in the business during the chargeable accounting period ; (iii) in the case of the claim by an assessee that he is not within the charge to excess profits tax e.g. [...] In the case of an assessment which is under appeal the Excess Profits Tax Officer in the exercise of the discretion given him by section 45 of the Indian Income-tax Act should provided he is satisfied that the appeal is bund-fide assent to deferment until after settlement of the appeal of so much of the tax as is in dispute. [...] In the case of any building erected on or after 1st delvsniaiiun September 1939 which during any chargeable accounting or obsolescence period has ceased to be required for the purpose of the business of buildings* or has been sold allowance is to be made in arriving at the profits of the chargeable accounting period of any amount by which the value of the building at the date when it ceased to [...] (i) assets which are assets of the business at the com mencement of the period which is or includes the first chargeable accounting period are to be taken at the income-tax written-down value as at that date and the series should be worked back therfrom but not beyond the actual cost of the asset ; (ii) in the case of an asset which was an asset of the business in the standard period but not in [...] Where this alternative is adopted if the unexhausted deprciation " included in the written-down value as at the comencement of the standard period is greater than the unexhaused depreciation included in the written-down value as at the commencement of the period which is or includes the first chargeable accounting period the difference between the two amounts (of unexhausted depreciatio