1988 (5) TMI 64

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.... the assessee filed return showing Nil income on 27th Sept., 1983 together with audited accounts and certificate in Form No. 10B. The ITO made the assessment on the total income of Rs.1,24,909. The ITO was of the opinion that the assessee cannot be allowed exemption under s. 11 of the Act, because it contravened the provisions of s. 13(1)(d)(ii) of the Act. The ITO was of the view that investment ....

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....g to s. 13(1)(d)(ii), contravention of s. 11(5) arises only if the amount so invested by the Trust continued to be invested even after 30th Nov., 1983. It is clear that the Statute granted time for conversion of the investment. The last date was 30th Nov., 1983. The previous year of the assessee ended on 31st March, 1983. Therefore, it cannot be said that the assessee had contravened the provision....

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....r, s. 13(1)(d) was submitted by the Finance Act, 1983 w.e.f. 1st April, 1983. Consequently, it was indicated that investment must be converted as required by s. 11(5) on or before 30th Nov., 1983. The assessee's previous year ended on 31st March, 1983. Therefore, unless the last date is expired, it cannot be said that the assessee has contravened the provisions of s. 11(5) r/w s. 13(1)(d)(ii) of t....