(1B)Where any income in respect of which an option is exercised under clause (2) of the Explanation‡ to sub-section (1) is not applied to charitable or religious purposes in India during the period referred to in sub-clause (a) or, as the case may be, sub-clause (b), of the said clause, then, such income shall be deemed to be the income of the person in receipt thereof—(a)in the case referred to in sub-clause (i) of the said clause, of the previous year immediately following the previous year in which the income was received; or(b)in the case referred to in sub-clause (ii) of the said clause, of the previous year immediately following the previous year in which the income was derived.
