4. Application of Act.—
[(1) Subject to the provisions of this Act, the total income of any previous year of any person includes all income, profits and gains from whatever source derived which—(
a) are received or are deemed to be received in
[the taxable territories] in such year by or on behalf of such person, or(
b) if such person is resident in
[the taxable territories] during such year,—(
i) accrue or arise or are deemed to accrue or arise to him in
[the taxable territories] during such year, or(
ii) accrue or arise to him without
[the taxable territories] during such year, or(
iii) having accrued or arisen to him without
[the taxable territories] before the beginning of such year and after the 1st day of April, 1933, are brought into or received in
[the taxable territories] by him during such year, or(
c) if such person is not resident in
[the taxable territories] during such year, accrue or arise or are deemed to accrue or arise to him in
[the taxable territories] during such year:Provided that there shall not be included in any assessment for the year ending on the 31st day of March, 1940, both the amount of the income, profits and gains referred to in sub-clause (
ii) of clause (
b) and the amount of the income, profits and gains referred to in sub-clause (
iii) of clause (
b) but only the greater of these two amounts:Provided further that, in the case of a person not ordinarily resident in
[the taxable territories], income, profits and gains which accrue or arise to him without
[the taxable territories] shall not be so included unless they are derived from a business controlled in or a profession or vocation set up in India or unless they are brought into or received in
[the taxable territories] by him duri
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