Application of income by dissolved trusts may be allowed by the Assessing Officer to meet specified charitable purposes in dissolution year. Where a trust or institution that had invested or deposited its income under the accumulation/investment provision is dissolved, the Assessing Officer may allow application of such invested or deposited income for the purposes specified under clause (d) in the year of dissolution, enabling the treated conversion of accumulated or invested funds into applied funds upon dissolution, subject to the Assessing Officer's discretion.