Section 7 - Amendment of section 12A - Finance (No. 2) Act, 1991

7. Amendment of section 12A. In section 12A of the Income-tax Act, in clause (a), for the proviso, the following proviso shall be substituted, with effect from the 1 st day of October, 1991, namely: Provided that where an application for registration of the trust or institution is made after the expiry of the period aforesaid, the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution,- (i) from the date of the creation of the trust or the establishment of the institution if the Chief Commissioner or Commissioner is, for reasons to be recorded in writing, satisfied that the person in receipt of the income was prevented from making the application before the expiry of the period aforesaid for sufficient reasons; (ii) from the first day of the financial year in which the application is made, if the Chief Commissioner or Commissioner is not so satisfied; .