(7)Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income for any previous year relevant to the assessment year commencing on or after 1st day of April, 2020 and such option once exercised shall apply to subsequent assessment years:Provided that once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year.Explanation. - For the purposes of section 115BAA and this section, the expression "unabsorbed depreciation" shall have the meaning assigned to it in clause (b) of sub-section (7) of section 72A.] [Substituted by Act 14 of 2001, Section 53, for sub-Section (1) (w.r.e.f. 1.4.2001).]
