Circular No. 596-Income tax Clause (d ) of sub-section (1) of section 13 of the Income-tax Act was substituted by the Finance Act, 1983, with effect from 1-4-1983. The provisions of the new sub-clause were to be applicable from the assessment year 1983-84 onwards. This was also clarified in paragraph 18.7 of Board’s Circular No. 372, dated 8-12-1983. However, under sub-clause (ii) of the said section, religious/ charitable trusts and institutions, having investments otherwise than in one
