Exemption withdrawn if specific conditions not satisfied - Section 11(3)

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....er than charitable or religious purposes for which it was accumulated or set apart then it shall be deemed to be the income of the previous year in which it is so applied or * ceases to remain invested in modes specified in section 11(5), then it shall be deemed to be the income of the previous year in which it so ceases or * is not utilized within specific time then it shall be taxable in the....

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....h income by way of payment or credit to any trust or fund or Institution registered u/s 12AA/12AB/ section 10(23C)/(iv)/(v)/(vi)/(via). In case of a trust or institution which has deposited its income in forms or modes specified under section 11(5) is dissolved, the assessing officer may allow application of such income by way of payment or credit to a trust or institution registered under sectio....