(1) Income or profits chargeable under Case III of Schedule D shall, for the purposes of ascertaining liability to income tax, be deemed to issue from a single source, and this section shall apply accordingly.
(a) In this subsection 'excluded amount' means the amount of the deficiency where -
(i) the computation of income arising in respect of a possession outside the State gives rise to a deficiency, and
(ii) income arising in respect of that possession would be chargeable under Case V of Schedule D if the possession was in the State.
(b) Nothing in subsection (1) shall be construed as meaning that an excluded amount can be taken into account in computing the income or profits chargeable under Case III of Schedule D.
(2) Income tax under Case III of Schedule D shall be computed on the full amount of the profits or income arising within the year of assessment.
(3) Income tax shall, subject to section 71, be paid on the actual amount computed in accordance with subsection (2) witho
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