Form No. 10 compliance for trust accumulation was satisfied by stating trust objects, not a separate narrower purpose.

Under section 11(2) read with Rule 17, accumulated unspent income must be set aside for the purpose of the trust, but Form No. 10 need not specify a purpose beyond the trust's objects. Reproducing the objects of the trust in Form No. 10 was treated as sufficient compliance, because the provision does not require a separate, narrower accumulation purpose outside those objects. The Revenue's objection that the form merely restated the trust objects was rejected, and the accumulation claim was accepted as valid.

---

---

Issues: Whether the assessee's claim for accumulation under section 11(2) was admissible when Form No. 10 stated the objects of the trust and did not specify a separate particular purpose for accumulation.

Analysis: The statutory requirement under section 11(2) read with Rule 17 is that the unspent income must be accumulated for the purpose of the trust. The entry in Form No. 10 setting out the objects of the trust was held sufficient compliance, because the provision does not require the assessee to identify any purpose outside the trust's objects or to state a distinct particular object in narrower terms. The Revenue's objection that the entire objects were reproduced in the form was not accepted as a ground to deny exemption.

Conclusion: The accumulation claim under section 11(2) was validly made and was allowed in favour of the assessee.

---