The Bombay Government Gazette. Thursday 25th April 1940

(2) For the purposes of this section the standard period shall at the option of the person carrying on the business be (a) the " previous year " as determined under section 2 of the Indian Income-tax Act 1922 for the purpose of the income-tax assessment for the year ending on the :3181; day of March 1937 or the previous year as so determined for the year ending on the 31st day of March 1938 [...] shall be deemed to be reduced by the amount of the deficiency of profits and the amount of excess profits tax payable in respect thereof shall be deemed to be reduced accordingly and the relief necessary to give effect to the reduction shall be given by repayment or otherwise ; (b) where the amount of the deficiency of profits exceeds the aggregate amount of the profits so chargeable for the previ [...] (2) Where the change took place before the 1st day of September 1939 and consisted in the death or retirement of a partner or the taking in of a partner the persons carrying on the business after the change may by notice given in writing before the prescribed date to the Excess Profits Tax Officer elect that far the purposes of the provisions of this Act relating to the computation of stand [...] day of September 1939 which during any Chargeable accounting period has ceased to be required for the purposes of the business or has been sold any amount by which the value of the building at the date when it ceased to be required for the purposes of the business or the price obtained for the building as the case may be falls short of the written down value of the building shall be allowed a [...] 3. Any investments the income kom which is by virtue of the provisions of the First Schedule not to be taken into account in computing the profits of the business and any moneys not required for the purposes of the business shall be left out of account but where any investments in the beneficial ownership of the person carrying on the business are so left out of account the sum (if any) to be