1981 (2) TMI 117

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..... has been registered as a charitable institution with the CIT under s. 12(A). The assessee had not furnished returns of income for asst. yrs. 1974-75 and 1975-76 on the ground that it had no taxable income. The ITO issued notices under s. 148 for the two years and also notice under s. 139 (2) for the asst. yr. 1976-77. The assessee filed returns and claimed that the sums of Rs. 90,000, Rs. 10,000 .....

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..... annot describe a time limit for permission to apply for accumulation He also held that accumulation can be for the purposes of future capital expenditure also. The Revenue is in appeal 2. The ld. Deptl. Rep argued in the absence of strict compliance we with the rules the assessee was no entitled to exemption. He further urged that violation of the provisions would frustrate the purposes of the .....

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