9911796707
TMI BlogAmendment of Section 11X X X X Extracts X X X X X X X X Extracts X X X X ..... r cent. of the income from the property or rupees ten thousand, whichever is higher; shall be omitted with effect from the 1st day of April, 1971; (ii) in clause (b), the words and where any such income is finally set apart for application to such purposes in India, to the extent to which the income so set apart is not in excess of twenty-five per cent. of the income from the property held under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der sub-section (1) or sub-section (2), of Section 139, whether fixed originally or on extension, for furnishing the return of income], be deemed to be income applied to such purposes during the previous year, and the income so deemed to have been applied shall not be taken into account in calculating the amount of income applied to such purposes during the immediately following previous year. ; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed ten years; (b) the money so accumulated or set apart is - (i) invested in any Government security as defined in clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944), or in any other security which may be approved by the Central Government in this behalf, or (ii) deposited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the 1st day of April, 1971, namely :- (3) Any income referred to in sub-section (2) which - (a) is applied to purposes other than charitable or religious purposes as aforesaid or ceases to be accumulated or set apart for application thereto, or (b) ceases to remain invested in any security referred to in sub-clause (i) or deposited in any account referred to in sub-clause (ii) or sub-clause (iii ..... X X X X Extracts X X X X X X X X Extracts X X X X
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