(1) Where it appears that,—

(a) the assessee is not applying regular accounting procedures;

(b) the assessee is applying any such procedure on the basis of which it appears to the Deputy Commissioner of Taxes that it is not possible to arrive at a conclusion as to the income of the assessee;

(c) the assessee has failed to maintain records of accounts or transactions; or

(d) the accounts or records of transactions maintained by the assessee are not verifiable, in that case, notwithstanding anything contained in any other section, 60% (sixty percent) of the market value of the agricultural produce shall be deemed to be allowable expenditure.

(2) This section shall not apply in cases where the income from agriculture is derived by the owner of the land through adhi, barga, bhaga or share-basis.