Section 3 - Amendment of section 3 - Direct Tax Laws (Amendment) Act, 1989

3. Amendment of section 3. In section 3 of the Income-tax Act [as substituted by section 4 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)], in sub-section (2), after the proviso, the following provisos shall be inserted, namely: - Provided further that in the case of a business or profession newly set up, or a source of income newly coming into existence on or after the 1st day of April, 1987 but before the 1st day of April, 1988 and where the accounts in relation to such business or profession or source of income have not been made up to the 31st day of March, 1988, the previous year in relation to the assessment year commencing on the 1st day of April, 1989, shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending on the 31st day of March, 1989: Provided also that where the assessee has adopted one or more periods as the previous year in relation to the assessment year commencing on the 1st day of April, 1988, for any source or sources of his income, in addition to the business or profession or source of income referred to in the second proviso, the previous year in relation to the assessment year commencing on the 1st day of April, 1989, shall be reckoned separately in the manner aforesaid in respect of each such source of income, and the longer or the longest of the periods so reckoned shall be the previous year in relation to the said assessment year. .