Section 3(1) in The Maharashtra Agricultural Income Tax Act, 1962
(1)For the purposes of this Act 'previous year' means -(a)the financial year immediately preceding the year of assessment; or(b)if the accounts of the assessee have been made up to a date within the said financial year then, at the option of the assessee, the twelve months ending on such date; or(c)in the case of any person or business or class of persons or business not falling within clause (a) or clause (b), such period as may be determined by the Commissioner in this behalf; or(d)in the case of a business newly set up in the said financial year, the period beginning with the date of the setting up of such business; and(i)ending with the said financial year, or(ii)if the accounts of the assessee have been made up to a date within the said financial year, then, at the option of the assessee, ending on that date, or(iii)ending with the period, if any, determined under clause (c), as the case may be; or(e)in the case of a business newly set up in the twelve months immediately preceding the said financial year -(i)if the accounts of the assessee have been made up to the date within the said financial year and the period from the date of the setting up of the business to such date does not exceed twelve months, then, at the option of the assessee, such period, or(ii)if any period has been determined under clause (c), then, the period beginning with the date of the setting up of the business and ending with that period, as the case may be; or(f)where the assessee is a partner in a firm and the firm has been assessed as such, then, in respect of the assessee's share in the agricultural income of the firm, the period determined as the previous year for the assessment of the agricultural income of the firm.
