9911796707
TMI Blog1985 (8) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 2,12,790. Out of this a sum of Rs. 1,33,330 was applied for the purpose of that trust and the ITO has allowed the exemption under s. 11 on this amount. The assessee had claimed accumulation in respect of the balance amount to Rs. 78400 under the provisions of s. 11 (2). A notice in Form No. 10 was filed alongwith the return by the assessee and the reasons stated by the reason for accumulating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee should have stated a specific purpose for which the income is being accumulate and comes this has not been done, the claim for accumulation cannot be allowed. He, therefore, brought to tax the sum of Rs. 79,480. 2. The AAC agreed with the assessee. He adverted to cl. (a) of sub-s. (2) of s. 11 and to Form No. 10 and pointed out that the purpose to be mentioned in Form No. 10 should be th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly shows that the assessee is not required under this provision to specify any particular object of the trust on the purpose for which the accumulation is proposed to be made. The only requirement under the provision is that the unspent portion of the income of the trust can be accumulated for the purpose of the trust. It is clear that the assessee has specified this requirement by enumerating in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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