(3)The amount of under-reported income shall be,—(a)if income has been assessed for the first time,—(i)where return has been furnished, the difference between the amount of income assessed and the amount of income determined under section 270(1)(a);(ii)where no return of income has been furnished or where return has been furnished for the first time under section 280,—(A)the amount of income assessed, in the case of a company, firm or local authority; and(B)the difference between the amount of income assessed and the maximum amount not chargeable to tax, in a case not covered in item (A);(b)in any other case, the difference between the amount of income reassessed or recomputed and the amount of income assessed, reassessed or recomputed in a preceding order.
