Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes

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....om such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act] is used or applied, directly or indirectly, for the benefit of ^4[any person referred to in sub-section (3) of section 13 of the Income-tax Act], or            (ii) any part of the income of the trust [whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act], being a trust created on or after the 1st day of April, 1962, ensures, directly or indirectly, for the benefit of ^5[any person referred to in sub-section (3) of section 13 of the said Act, or] &nbsp....

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....d                 (ii) the other provisions of this section shall apply with the modifications that,-       (1) for the words, brackets, letter and figures "in contravention of the provisions of clause (d) of sub-section (1) of section 13 of the Income-tax Act", the words, brackets and figures "in contravention of the provisions contained in the proviso to clause (21) of section 10 of the Income-tax Act" had been substituted ; and       (2) for the words "at the maximum marginal rate", the words and figures "at the rates specified in ^13[sub-section (2) of section 3]" had been substituted ;] ....

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....s held" by the Finance Act, 1992, w.e.f. 1-4-1993. 3. Substituted vide the following, as amended by the Finance Act,1976, w.e.f.1-4-1977, by the Finance Act, 1984, w.e.f. 1-4-1985. "(i)  any part of such property or any income of such trust whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act is used or applied, or (ii)  any part of the income of the trust whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act, being a trust created on or after the 1st day of April, 1962, enures, directly or indirectly, for the benefit of any person....

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.... Earlier, this expression was substituted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 9. Before omission, second proviso, as amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 and the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989, read as under : "Provided further that in a case where the aggregate of the funds of the trust invested in a concern in which any person referred to in sub-section (3) of section 13 of the Income-tax Act has a substantial interest as provided in Explanation 3 to that section does not exceed 5 per cent of the capital of that concern, the exemption under clause (i) of sub-section (1) of section 5 shall not be denied in relation to any property other....