Section 13(1)(d) amendment did not defeat section 11 exemption where the cut-off date fell after the previous year ended.

The amended restriction in section 13(1)(d) of the Income-tax Act applied only where the relevant cut-off date fell within the assessee's previous year. Because the assessee's previous year ended before that date, the amendment did not operate to deny exemption under section 11 for the assessment year in question. Following the earlier binding decision on the same legal question, the exemption claim was upheld in favour of the assessee.

---

---

Issues: Whether the amended provisions of section 13(1)(d) of the Income-tax Act, 1961 applied only where the cut-off date fell within the relevant previous year, so as to determine entitlement to exemption under section 11.

Analysis: The relevant previous year of the assessee ended before the cut-off date specified in the amended provision. In view of the earlier binding decision on the same legal question, the amended restriction was held not to defeat the exemption claim for the assessment year in question.

Conclusion: The question was answered in the affirmative, in favour of the assessee, and the exemption under section 11 was upheld.

---