Section 7 - Amendment of section 11. - Finance Act, 2023

..... ely: Provided further that provisions of the first proviso shall apply only if there was no violation of the conditions specified (a) in clause (c) of this sub-section; (b) in Explanations 2, 3 and 5 of this sub-section; (c) in the Explanation to this section; and (d) in clause (c) of sub-section (1) of section 13, at the time the application was made from the corpus: Provided also that the amount invested or deposited back shall not be treated as application for charitable or religious purposes .....

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Section 7 - Amendment of section 11. - Finance Act, 2023

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..... the end of the previous year in which such application was made from loan or borrowing: Provided also that nothing contained in the first proviso shall apply where application from any loan or borrowing is made on or before the 31st day of March, 2021; and ; (III) after clause (ii), the following clause shall be inserted with effect from the 1st day of April, 2024, namely: (iii) any amount credited or paid, other than the amount referred to in Explanation 2, to any fund or trust or institution .....

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Section 7 - Amendment of section 11. - Finance Act, 2023

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