103. Adjustment of liability to tax in case of shipping—

¹[103.Adjustment of liability to tax in case of shipping—

(1) Nothing in section 102 shall be deemed to prevent the owner or the charterer of the ship from claiming in the year following that in which any payment has been made on his behalf under that section that an assessment be made on his total income of the income year and that the tax payable on the basis thereof be determined in accordance with the other provision of this Ordinance.

(2) Where the owner or charterer of a ship makes a claim under sub-section (1),any payment of tax made under section 102 shall be treated as payment in advance of the tax and the difference between the sum so paid and the amount of tax found payable, by him shall be paid by him or ,as the case may be, refunded to him. ]

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¹Omitted by F.A. 1989

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