Cap. 123 Art. 48Special provisions for computation of income derived from sale or other disposal or trading stock.

(1) Where any trading stock is sold together with other assets of a business, the part of the consideration attributable to the trading stock shall, for the purposes of this Act, be determined by the Commissioner, and the part of the consideration so determined shall be deemed to be the price paid for the trading stock by the 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 shall be deemed to have realised the market 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 the Commissioner determines.

(3) Nothing contained in this article 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.