THE NINTH SCHEDULE
[See section 15(2)]
COMPUTATION OF INCOME FROM SPECIAL SOURCES
1. The income from any special source shall be computed in accordance with the provisions of this Schedule.
2. The income from any special sources shall be the aggregate of—
(a) any amount by way of accrual or receipt, as the case may be;
(b) any amount accrued or received as reimbursement of any expenditure incurred by the person; and
(c) any tax borne by the person by whom the income is payable.
3. No deduction or allowance or set-off of any loss shall be allowed in computation of income from the special sources.
4. The income computed under paragraph 2 shall be presumed to have been computed after giving full effect to every loss, allowance or deduction under this Code.
5. The written down value of any business asset used for the purposes of earning income from any special source shall be computed as if the person has claimed and has been actually allowed the deduction in respect of depreciation under section 38, initial depreciation under section 39 and terminal allowance under section 40.
6. The amount of common costs (including depreciation) attributable to the special source and presumed to have been allowed under paragraph 4 shall be determined in such manner as may be prescribed.
