Clarifying that application will be allowed only when its actually paid

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..... application , it means actually paid. This is the position which has been held by different courts also. Accordingly it is being clarified by inserting Explanations [Explanation 3 to clause (23C) of section 10 and Explanation to section 11] to provide that any sum payable by any trust under the first or second regime shall be considered as application of income in the previous year in which such .....

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