Due verification of investment in prohibited modes in cases of benefit u/s11.

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..... st or institution was not entitled to exemption u/s.11 or sec.12, if any period during the previous year:- i) any funds of the trust or institution are invested or deposited after 28-02-83 otherwise than in any one or more of the forms or modes specified in sub-sec.(5) of sec.11; or ii) any funds of the trust or institution invested or deposited before 1-3-83 otherwise than in any one or more .....

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..... st March 1992 by Finance Act, 1992. Thus the condition under reference i.e. investment in the modes specified in sec.11(5) need not be complied with during the previous year but may be complied even after the end of the previous year but definitely on or before 31-03-93. Therefore, exemption even for assessment years 1983-84 to 1992-93, exemption u/s.11 will be available only if investment in proh .....

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