2001 (11) TMI 26

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..... , for the assessment years 1985-86, 1986-87 and 1987-88 in view of the proviso (iia) to section 13(1)(d) extending the time for complying with the specified pattern of investment up to March 31, 1993?" - There was, no contravention of section 13(1)(d) of the Act by reason of the assessee having held the investments during the assessment year. We answer the question referred to us in favour of the .....

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..... e case of CIT v. Kumudam Endowments [2000] 242 ITR 159. It was held therein that extension of time for disinvestment up to March 31, 1993, allowed by the Finance (No. 2) Act, 1991, read with the Finance Act, 1992, has retrospective effect from April 1, 1983. During the assessment year to which that provision applies, investments could be held by the trust contrary to the provisions of section 11(5 .....

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