(1)Notwithstanding anything contained in this Act, where in any previous year, a trust or institution registered [under section 12AA or section 12AB] has—(a)converted into any form which is not eligible for grant of registration 68[under section 12AA or section 12AB] ;(b)merged with any entity other than an entity which is a trust or institution having objects similar to it and registered 68[under section 12AA or section 12AB] ; or(c)failed to transfer upon dissolution all its assets to any other trust or institution registered 68[under section 12AA or section 12AB] or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place,then, in addition to the income-tax chargeable in respect of the total income of such trust or institution, the accreted income of the trust or the institution as on the specified date shall be charged to tax and such trust or institution, as the case may be, shall be liable to pay additional income-tax (herein referred to as tax on accreted income) at the maximum marginal rate on the accreted income.
