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of <h1>Amendment to Finance Act 2003: Assessing Officer can permit income application per Section 11(3A) upon trust dissolution.</h1> In the Finance Act, 2003, an amendment was made to section 11 of the Income-tax Act. A new proviso was added to sub-section (3A), stating that if a trust or institution, which has invested or deposited its income as per clause (b) of sub-section (2), is dissolved, the Assessing Officer may permit the application of such income for the purposes outlined in clause (d) of sub-section (3) during the year of dissolution.
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