Determination of net profits.

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....tituted or authorised in this behalf, by any Government, unless and except in so far as the Central Government otherwise directs. (3) In making the computation aforesaid, credit shall not be given for the following sums:___      (a) profits, by way of premium, on shares or debentures of the company, which are issued or sold by the company;      (b) profits on sales by the company of forfeited shares;      (c) [2][profits of a capital nature including profits from the sale] of the undertaking or any of the undertakings of the company or of any part thereof;      (d) profits from the sale of any immovable property or fixed assets of a capital nature comprised....

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....oans and advances;      (i) expenses on repairs, whether to immovable or to movable property, provided the repairs are not of a capital nature;      [4][(j) outgoings inclusive of contributions made under clause (e) of sub-section (1) of section 293;]         (k) depreciation to the extent specified in section 350;        [5][(l) the excess of expenditure over income, which had arisen in computing the net profits in accordance with this section in any year which begins at or after the commencement of this Act, in so far as such excess has not been deducted in any subsequent year preceding the year in respect of which the net profits ....