Substitution of new section for section 3

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Full Text of the Document

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....ded in this section, "previous year" for the purposes of this Act, means the financial year immediately preceding the assessment year: Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or....