Section 3 in The Maharashtra Agricultural Income Tax Act, 1962
3. Definition of "previous year".
(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.(2)Where an assessee has newly set up a business in the said financial year and his accounts are made up to a date in the year of assessment in respect of a period not exceeding twelve months from the date of such setting up, then, notwithstanding anything contained in sub-clause (iii) of clause (d) of sub-section (1), the assessee shall, in respect of that business, at his option, be deemed to have no previous year for the said year of assessment under that clause and such option shall, in relation to the immediately succeeding assessment year, have effect as an option exercised under sub-clause (i) of clause (e) of subsection (1).(3)Subject to the other provisions of this section, an assessee may have different previous years in respect of separate sources of his agricultural income.(4)Where in respect of a particular source of agricultural income or in respect of a business newly set up, an assessee has once exercised the option under clause (b), or sub-clause (ii) of clause (d), or sub-clause (i) of clause (e), of sub-section (1) or has once been assessed, then, he shall not, in respect of that source or, as the case may be, business, be entitled to vary the meaning of the expression "previous year" as then applicable to him, except with the consent of the Agricultural Income-tax Officer and upon such conditions as the Agricultural Income-tax Officer may think fit to impose.
