Further powers of National Board of Revenue to grant certain relief
26A. (1) If on an application made to it through the Excess Profits Tax Officer, the National Board of Revenue is satisfied that a person who in a chargeable accounting period ending on the 31st day of March 1946, carried on a business the profits of which for any chargeable accounting period are charged with excess profits tax-
(i) incurred during the period commencing on the 1st day of April 1946 and ending on the 31st day of December 1947, in connection with that business,
(a) expenditure on the removal of works constructed for protection against enemy attack;
(b) where under the orders of a competent authority the business was wholly or partly removed during the war, expenditure on again removing the business or part thereof;
(c) where any physical assets held for the purposes of the business were altered to adapt them to war condition expenditure on re adapting them to normal requirements;
(d) expenditure in consequence of the termination of any contract for the supply of goods, materials or services, or the lease of buildings or machinery to him, where that contract is terminated by reason of the termination of a contract for the provision by him of goods, materials or services for the purposes of the war; or
(ii) incurred during the period commencing on the 1st day of April 1946, and ending on the 31st day of December 1947, a loss on the sale of trading stock held on the 31st day of March 1946 for the purposes of the business; or
(iii) incurred in any accounting period ending on or before the 31st day of March 1946 in connection with that business any expenditure referred to in the sub-clauses of clause (i) which, except under the provisions of this sub section, is not allowable, either wholly or partly, in computing the profits of such accounting period,
the National Board of Revenue may direct that such allowance as it thinks just shall be made in computing the profits of the business during the chargeable accounting period ending on the 31st day of March 1946, and effect shall be given to such direction by repayment or otherwise, as the case may require:
Provided that in giving any such direction, the National Board of Revenue may impose such conditions as it considers appropriate:
Provided further that where the applicant satisfies the National Board of Revenue that it was not possible to complete any work referred to in sub clauses (a), (b) and (c) of clause (i) within the period specified in that clause, the National Board of Revenue may extend the said period to such date as it considers reasonable:
Provided further that, where any change has taken place in the persons carrying on the business, the persons carrying it on after the change shall have the same right to make an application under this sub section in respect of any expenditure referred to in sub clauses (b) and (c) of clause (i) as the persons previously carrying on the business would have had if there had been no such change.
(2) Where an accounting period included, but did not end on the 31st day of March 1946, all expenditure referred to in the sub clauses of clause (i) of sub section (1) which would, apart from the provisions of this sub section and rule 11 of Schedule 1, be allowable as a deduction in computing the profits of the said accounting period, shall be treated for the purposes of sub┬¼-section (1) as if it were incurred after that day, and if an appli┬¼cation is made under this section, no deduction from, or in computing, the profits of any accounting period or chargeable accounting period shall be allowed in respect of such expenditure otherwise than under sub section (1).
(3) Where a change takes place in the persons carrying on a business, or a person carrying on a business, being a body corporate, becomes or ceases to be a subsidiary company or principal company within the meaning of sub section (6) of section 9, and where except for the happening of that event relief would be allowable under this section, the National Board of Revenue may, if it thinks fit, allow such relief under this section as it considers just, having regard to the extent to which the persons directly or indirectly interested in the business or body corporate, as the case may be, before the change remain interested therein after the change.