Held that even if the assessee has delayed exercise of its option under s. 11(1), Expln. 2 for deemed application of its income, as long as the option is exercised during the assessment itself, assessee is entitled to claim deemed application of its income; contention that since the assessee’s application for condonation of delay in exercising the option under s. 11(1)(a), Expln. 2 has not been approved by the specified authority; the assessee is not entitled to the benefit of deemed application of its income, which is not sustainable. (AY. 2013-14)