Income Tax Act (Cap. 123), article 48

48. ( 1 ) W h e r e a n y t r a d i n g s t o c k i s s o l d t o g e t h e r w i t h o t h e r assets of a business, the part of the consideration attributabl e to the trading stock shall, for the purposes of this Act, be determine d by the Commissioner, and the part of the consideration so determin ed shall be deemed to be the price paid for the trading stock by t he purchaser. (2) For the purposes of this article any trading stock which has been disposed of otherwise than by sale shall be deemed to have been sold, and any trading stock so disposed of and any trading stock which has been sold for a consideration other than cash s hall be deemed to have realised the m arket price of the day on which it was so disposed of or sold, but, where there is no market price , trading stock shall be deemed to have realised such price as th e Commissioner determines. Cap. 372. (3) Nothing contained in this ar ticle shall be deemed to impair the right of an assessee to appeal against an assessment of tax under the provisions of articles 35 and 37 of the Income Tax Management Act. Special provisions regarding certain income derived by outworkers on a part-time basis. Added by: XXII. 1995.4. Amended by: L.N. 409 of 2007.