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Relief in respect of certain losses.
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2.—(1) Where any person has in any trade, profession, or vocation carried on by him either solely or in partnership sustained a loss for the year ending on the 5th day of April, 1928, or the year ending on the 5th day of April, 1929, he may claim the following deductions:—
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(a) from any assessment made upon him for the year ending on the 5th day of April 1931, in respect of profits from the same trade, profession, or vocation, one-third of the net loss (if any) sustained in the two years ending on the 5th day of April, 1929;
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(b) from any assessment made upon him for the year ending on the 5th day of April, 1932, in respect of profits from the same trade, profession, or vocation, one-third of the loss (if any) sustained in the year ending on the 5th day of April, 1929.
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(2) For the purposes of the foregoing sub-section the loss sustained by a person entitled to claim any deduction under the said sub-section shall be computed in accordance with the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, and no deduction shall be allowed for any part of a loss in respect of which relief has been allowed under section 34 of the said Act or under any other provision of the Income Tax Acts.
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