India - Income Tax Act 2010 - Saarc

S. 13 I.T. ACT, 1961 1.138(A) shares in a public sector company ;(B) shares prescribed as a form or mode of investment underclause (xii) of sub-section (5) of section 11,are held by the trust or institution after the 30th day of November,1983:]Provided that nothing in this clause shall apply in relation to—(i) any assets held by the trust or institution where such assets formpart of the corpus of the trust or institution as on the 1st day ofJune, 1973 35 [***];36[(ia) any accretion to the shares, forming part of the corpus mentionedin clause (i), by way of bonus shares allotted to the trust orinstitution;](ii) any assets (being debentures issued by, or on behalf of, anycompany or corporation) acquired by the trust or institutionbefore the 1st day of March, 1983;37[(iia) any asset, not being an investment or deposit in any of the formsor modes specified in sub-section (5) of section 11, where suchasset is not held by the trust or institution, otherwise than in anyof the forms or modes specified in sub-section (5) of section 11,after the expiry of one year from the end of the previous year inwhich such asset is acquired or the 31st day of March, 38 [1993],whichever is later;](iii) any funds representing the profits and gains of business, beingprofits and gains of any previous year relevant to the assessmentyear commencing on the 1st day of April, 1984 or any subsequentassessment year.Explanation.—Where the trust or institution has any other income inaddition to profits and gains of business, the provisions of clause (iii)of this proviso shall not apply unless the trust or institution maintainsseparate books of account in respect of such business.]39[Explanation.—For the purposes of sub-clause (ii) of clause (c), in determiningwhether any part of the income or any property of any trust or institution isduring the previous year used or applied, directly or indirectly, for the benefitof any person referred to in sub-section (3), in so far as such use or applicationrelates to any period before the 1st day of July, 1972, no regard shall be had tothe amendments made to this section by section 7 [other than sub-clause (ii) ofclause (a) thereof] of the Finance Act, 1972.](2) Without prejudice to the generality of the provisions of clause (c) 40 [and clause(d)] of sub-section (1), the income or the property 41 of the trust or institution or35. Words “and such assets were not purchased by the trust or institution or acquired by itby conversion of, or in exchange for, any other asset” omitted by the Finance Act, 1992,w.r.e.f. 1-4-1983.36. Inserted, ibid.37. Inserted by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1983.38. Substituted for “1992” by the Finance Act, 1992, w.e.f. 1-4-1992.39. Inserted by the Finance Act, 1972, w.e.f. 1-4-1973.40. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983.41. For the meaning of the terms “property” and “lent”, see Taxmann’s Direct Taxes Manual,Vol. 3.