Section 5. Where there is a deficiency in relation to any assessment year,

5. Where there is a deficiency in relation to any assessment year, Relief `on` , - the assessee shall be entitled to relief in accordance with the fol- renee of lowing provisions, namely,- deficiency. (i) the amount `of` the deficiency shall be carried forward and set off against the net chargeable profits of the assessee assessable for the next following assessment year and, if there are no net chargeable profits for that year or the amount of the deficiency exceeds the net chargeable profits for that year, the whole or the balance of the deficiency, as the case may be, shall be set `off` against the net chargeable prnfit,~ of the assessee for the next following assessment year and if and so far. as such deficiency cannot !be wholly so set off, it shall be set off against the net chargeable profiks of the assessee for the next follow- `ing` assessment year; `(ii)` in no case shall the deficiency or any part thereof becarried forward beyond three assessment years immediately following the assessment year to which the deficiency relates;, (iii) where there is more than one deficiency and each such deficiency relates to a different assessment year, the deficiency which relates to an earlier assessment year shall be set off under clause (i) before setting off the deficiency relating to a later assessment year. Exp2dnation.-In this section and sub-section (I) of section. 8, "net chargeable profits" means the amount by which the chargeable profits exceed the standard deduction. - `T` 1 - -. - -. - - -" -- I . - -- -6.--.(-I-) Jn - &he -ease-of.-revery- oompmy- whose -chargeable . pz-ofitgwtij^rk df - -. - -. - - -" -- as,seSsable bn'der 'this Act exceeded during the-,previous year %KglEFZwg2'able amount of standard deduction, its principal officer, or where in the profits. case of a. non-resident company any ,person has been treated as 'its agent under section 163 of the Income-tax Act, such person shall furnish a return of the chargeable profits 02 the company during the previous year and of the amount of any deficiency available for being set off against such profits under the provisions of this Act, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, before the 30th day of Eeptember `of` the assessment year: %KglEFZwg2'- ' able Provided that on an application made in th.is behalf, the Incometax Officer may, in his discretion, extend the date for the furnishing of the return. (2) In the case of any company which in the Income-tax Officer's opinion is assessable under this Act, the Income-tax Officer may, before the end of the relevant assessment year, serve a notice upon its principal officer, or where in 'the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Ad, upon such person, requiring him to furnish within thirty days from the date of service of the notice a return of the chargeable profits of the company during the previous year and oi the amount of any deficiency available for being set off against such profits under the provisions of this Act, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed: Provided that on an application made in this behalf, the Incometax Officer may, in his discretion, extend the date for the furnishing of the return. (3) Any assessee who has not furnished a return during the time allowed by the Income-tax Officer under sub-section (I) or subsection (2), or having furnished a return under sub-section (1) or sub-section (2) discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made.