Section 3(2) in The Maharashtra Agricultural Income Tax Act, 1962
(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).
