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6 1967

INCOME TAX ACT, 1967

Chapter V

Case IV—General

Basis of assessment.

79. —(1) The nature of the profits or gains, and the basis on which the amount thereof has been computed, including the average, if any, taken thereon, shall be stated to the inspector.

(2) The computation shall be made, either on the full amount of the profits or gains arising in the year of assessment, or according to the average of such a period, not being greater than one year, as the case may require, and as may be directed by the inspector.

(3) Every such statement and computation shall be made to the best of the knowledge and belief of the person in receipt of or entitled to the profits or gains.